Wednesday, April 7, 2010

Byron Wein On Oil & Gold

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Itz Stock Chartz bias towards commodities are inline with Blackrock's Byron Wein, CNBC video today in which he discusses gold & oil.

Below is a chart from Itz Pix portfolio looking at the YTD performance of some of the commodity stocks.
Here is the link

In this chart it would suggest selling oil or the USO, it is somewhat similar to the $GOLD:$WTIC chart. If one were to trade this chart, that is buying the USO at the high & selling at the low ratio readings, it would of netted 31 points or a double (100%) in less than 12 months. Where a Buy & Hold about 29% as for the GLD refer to the Inverse H&S chart. So that said it would suggest one weight gold over oil at the current time. Today's move in gold shows that the greece debt issue is not solved.

EIA Weekly Report a build in Crude +2M barrels, Gasoline -2.5M & Distallates +1.1M

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