Itz Pix Portfolio Update: SCO ~ UCO

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TRADE ALERT: ITZ PIX was stopped out of Proshares Ultra Crude Oil (UCO) @ $10.50. This is the remaining half-position entered @ $8.75 , netting a 20% profit. Itz Stock Chartz suggests taking a half position in the counter part, Proshares Ultra Short Crude Oil (SCO) @ $12.70. With QE, the dollar as well as other currencies plus the EIA & OPEC news on Thursday, the price of crude will be volatile. Reason for 1/2 position now and seeing how things play out over the next several days. We could see a bullish divergence pattern like that of April/May...for now set STOP @ $11. Add remaming 1/2 position on break over $13. Oil falls to near $81 in Europe amid doubts over US economic stimulus plans..read more