Thursday, April 7, 2011

Re Entering Proshares UltraShort Crude Oil (SCO)

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ITZ PIX Portfolio is again re-entering the Proshares Ultra Short DJ-AIG Crude Oil ETF, ticker symbol (SCO). West Texas Intermediate Crude Oil is at the moment testing the $110 level.  Oil continues to trade on geopolitical fears, Nigerian is scheduled for elections this weekend after being delayed 1 week. News out of Japan today on another large earthquake has added to oils rise. Fundamentally, there remains ample supply of crude oil on the market story  UAE Oil Minister: Oil Prices Hit By "Perfect Storm"

Itz had entered a partial position in SCO a few weeks ago & exited with a small loss. ITZ is today suggesting to re-enter a 1/2 position on SCO, keeping a tight stop & watching next week seeing how things play out. Again this is a high risk position and is being used in part as a hedge to ITZ PIX energy positions. Follow ITZ on Twitter for up to date alerts.

ITZ PIX enters 1/2 position @ $38.50 -- STOP $36

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