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West Texas Intermediate (WTI) is nearing $100 today on further Middle East tensions, in Libya, Saudi Arabia & Iran. The energy market is more than ever news driven, still looking at Cushing, OK and the large supply of WTI one has to ask which way will oil move next? As far as the charts indicate, ITZ believes in the short term we could see oil back off the $100 level for a quick trade and is suggesting those with a high risk tolerance to BUY the ProShares Ultra Short Crude Oil ETF (SCO) under $46. CHART
However, keep a tight STOP if entered, ITZ is targeting $50 (SCO) on a WTI pullback. ITZ has noted in past blog posts that it expects $WTI to hit $110. Again, SCO is on the Itz short term watch list.