Thursday, September 30, 2010

Crude Oil Rallies

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Looking at the technicals, that all important 1130; Inverse Head & shoulders Pattern/Neckline gave way as expected. Bottom line more upside to go, near term resistance, ultimate upside target over 1200 on the S&P500. Gold is approaching $1300, more importantly, crude oil is undervalued and should rally off the bullish action in equities as well as silver & copper. Continue to favor ProShares Ultra Crude ETF $UCO. link from Sept 20th post

Watch the Australian Dollar...commodities will follow...crude oil is playing catch up.

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