Tuesday, May 17, 2011

Risk Off: Oil & Silver Update

http://itzstockchartz.blogspot.comAdd to Technorati Favorites Subscribe in a reader Delicious Bookmark this on Delicious

Risk~Off continues, we're seeing the U.S. Dollar rally & Canadian Dollar decline. WTI crude oil testing key support of $95, Itz had targeted $93 as a downside target several weeks ago. Silver is in the $33/$34 range of recent support --Futures Chart. However, if it breaks below the May 12th low about $32.50, then most likely silver will test the $30 level. Bottom line, ITZ has 2 Proshares trades on radar Ultra Silver $AGQ & Ultra Crude Oil $UCO looking to leg in on any reversal. That said, one could play the short side $ZSL & $SCO, but maintaining very tight stops. This market can easily reverse on a dime and rip higher.
For Past Posts  >>LINK

No comments: