Tuesday, May 24, 2011

ITZ Commodities Recap 5-24-11

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Silver, Crude Oil & the commodity sector rallied today on comments from the St. Louis Federal Reserve President Bullard, who actually provided a date in the future at which the Fed might begin pulling back on its monetary accommodation. While speaking at a Rotary Club meeting he stated that the Fed would begin to effectively tighten later this year. >>Read Story

Goldman Sachs, whose call for lower commodities a few weeks back, causing a sell-off, changed their view and came out today with a buy recommendation for several commodity markets, including crude oil. Along with Bullard's comments, Goldman Sachs issued their call for $130 Brent Oil in 2012. That said oil is still in a range and needs to breakout, we could see it continue to make $2/$3 moves near term as it consolidates.

ITZ suggested reentering Proshares Ultra Crude Oil this morning @ $46, taking a 1/2 position. Follow ITZ on Twitter for current updates.

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