Wednesday, April 20, 2011

WTI Crude Oil Update

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Itz Stock Chartz in Itz Pix portfolio has traded in-and-out of the Proshares Ultra ETFs SCO & UCO. Recently having shorted oil via SCO, currently on sidelines. However, not being long via UCO at the moment doesn't mean ITZ is not in energy. The ITZ PIX portfolio is long PGH, PWE, RIG, SU & WLT which have moved nicely higher recently. However, as indicated below ITZ is watching WTI crude oil closely and is in the Goldman Sachs camp, that oil, fundamentals show that supplies are not the problem. This is a fear/speculative driven market and that a major pullback is ahead. ITZ however sees the pullback as an opportunity to add/buy for another move higher in September, targeting $120 on WTI. Watch that Gold/Oil Ratio *13 Level....
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