Crude Oil Update ~ Proshares SCO

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On Thursday ITZ suggested re-entering The Proshares Ultra Short DJ-AIG Crude Oil ETF (SCO) @ $43.60. ITZ has been calling for a pullback in crude, 1st support $97 level, the top of the uptrend channel since June 2010. We should see the $93 break out level, which was resistance, now support tested. With Japan in the short term looking @ a backup of crude oil supplies, since their refineries are off line, as well as more supply most likely coming as Qaddafi retakes oil fields from rebels in Libya. That said, eventually Japan will turn to diesel as well as coal for powering their elecricity needs in leiu of the downed nuclear plants. For now ITZ is looking for the SCO to test the $52 level, and has suggested a trailing stop. Below are several charts and a video clip from tonight's Mad Money. CLICK to see past blog posts for upto the minute alerts follow ITZ STOCK CHARTZ on Twitter

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