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Bookmark this on DeliciousTrichet's comments this morning are placing pressure on the Euro, sending the dollar higher. This along with CME again raising margin levels on silver are sending the commodities lower. WTI Crude Oil is breaking under $106 and looks as if it may finally be heading for ITZ $100 target as noted several days ago.
Futures Oil Chart ProShares Ultra Short Crude Oil ETF (SCO) in prehours is trading at $41.80, as noted yesterday, ITZ suggested those in this trade maintain a trailing stop of about a $1. On open Raise STOP to $40.80. Itz suggested entering Tuesday @ $37.
On the metals trade, silver is now back to where the rally started back in March, the $38 level. Silver Wheaton which had lagged the physical metal itself for several weeks and noted by ITZ here & on Twitter. Is now actually seeing a smaller decline than the metal itself. ITZ is suggesting adding or buying SLW at these levels. We are at levels that have just about exhausted the speculators and suspect the stock can see a rebound. That said set this market is very volatile and as things over shoot to the upside, so can it on the downside.
Transocean reported earnings last night and disappointed. LINK ITZ suggests accumulating SLW, SCCO & RIG at these levels.
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