Tuesday, October 19, 2010

Crude Oil Breaks Below $80.50 Support~ Added To SCO Position

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As directed in past blog post as well as Twitter updates, entered the second-half position of Proshares Ultra Short Crude Oil ETF (SCO). The first position was enterd @ $12.70, average cost basis is $12.85. Oil broke below support of $80.50~ currently will this updat is being written in futures oil is at $79.29. The charts had forewarned that oil was set to make a significant move downward, the commodity/currency rally had reached a breaking point. Today's news from China on a rate increase along with Treasury Secretary Timothy Geithner's strong dollar comments rallied the dollar.The Canadian market/dollar came under pressure also link>>API reports oil inventory build near forecasts - MarketWatch - link  EIA reports Wednesday.

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