Proshares SCO Update

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WTI Crude Oil is currently testing recent highs @ $106 levels. Itz has suggested taking a 'partial' position short oil via Proshares SCO ETF, which tested it's recent lows around $41.50. Chart
Why is oil up today? Well as ITZ has mentioned several times, this commodity is very news driven and volatile, today's news... Crude-oil futures advanced as the U.S. dollar fell and Libya rebels suffered a setback in a key oil town. Col. Gadhafi's forces reportedly overran the eastern oil town of Ras Lanuf, a rebel stronghold. The development might be a hint that the conflict in the North African country could take longer than widely anticipated just a few days ago. Not to forget,  Nigeria begins elections on Saturday amid uncertainty over a major overhaul of its oil industry that has led to a freeze in new investment despite relative calm in the restive Niger Delta region. read more

API & EIA reported bigger than estimated supplies of WTI crude oil this week.
Meanwhile, the disparity between Nymex's West Texas Intermediate crude contract and Brent crude continued to hover around $11 a barrel, despite a government report showing record oil inventories at Nymex delivery point of Cushing, Okla.
Cushing stocks hit a record 41.9 million barrels in the oil town last week, the Department of Energy said. The high inventories have helped keep a lid on the price of WTI, while Brent crude has soared past $117 a barrel. Overall U.S. inventories rose 2.9 million to 355.7 million barrels, the DOE said Wednesday.
So Libya news, weaker U.S. Dollar, end of quarter maneuvering. Itz also believes we maybe seeing a pop in oil here ahead ot tomorrows BLS Jobs Report, a bigger than expected jump in jobs could mean an improving economy and stronger demand on oil, after all gasoline inventories had a large draw down. Note, ITZ PIX is involved in SCO in conjuction to its other long energy positions, eg. RIG, PGH, PWE, WLT, SU... understand this is a hedge and a short term trade.
Suggest those with a partial position in SCO place a $41 STOP and lets see how tomorrow plays out.