Wednesday, March 2, 2011

SCO ProShares UltraShort Crude Oil Enters Itz Pix Portfolio

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Itz Pix portfolio entered the ProShares UltraShort DJ-AIG Crude Oil ETF(SCO) as indicated in yesterday's blog. Itz suggested buying under $46, the portfolio entered this morning at $45.75.  Crude oil is flirting with $102 as news of Syria jets bombing oil fields. We also had the EIA report this morning which showed a small decline in inventory. Weekly EIA Report
SCO looks oversold here and ITZ again suggests buying under $46 and a STOP of $44, oil's move nearterm is very news driven, however we believe that we could see a topple of Qadaffi which would take some air out of this recent rally. SCO Chart

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