Oil, Gold & Dollar 7-30-11

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The debate on the deficit is impacting decisions made by investors. Insight with Daniel Dicker, TheStreet.com/New York Mercantile Exchange; Joseph Trevisani, FX Solutions, and Frank McGhee, Integrated Brokerage Services.

ITZ suggested entering a 1/2 position on Proshares Ultra Crude Oil (UCO) under $42 via TWITTER

Extending Debt Ceiling Good for Economy

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"...if we do austerity, deep spending cuts immediately there's a certain camp that says that's not great, 1% gdp economy. okay, fine. We'll go, get a few cuts until January of '13 then do the big $4 trillion cut. I would pass a longer term extension of the debt ceiling. how long? One and a half to two years.  I would do as much cutting as can be agreed upon right now. I would put in place a bipartisan congressional committee that like the base closings is an up or down vote and if it can't pass then revert to McConnell and let the president propose a plan that two thirds of both houses have to overturn. I would set the bar at $4 trillion and if the congress can't do it let the president do it, whoever the president might be...." -- Ralph Schlosstein, BlackRock co-founder.

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WTI Oil Charts Point To Higher Prices

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ITZ has in the past posted the Gold/Oil trend chart WTI hit resistance at $100 & with the build as reported this week via API & EIA reports has retreated. ITZ longer term call has been that WTI Crude Oil will trend higher targeting $120 by 2012.

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Silver Wheaton (SLW) 7-28-11

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Is Silver Wheaton (SLW) repeating a similar chart pattern? If so expect a 50% retracement to the $35 level then a rally to at least a retest of $40 or even higher. Longer term ITZ sees a 'Head & Shoulders' pattern developing with $30 being the neckline. Would really like to see the all-time high around $47 surpassed.

My Twitter friend Ashraf Laidi posted some very insightful silver charts yesterday Silver Lining, Debt Ceiling & Quant Easing check it out.  BNN Interview

ITZ has taken the CFTC chart and added that of Silver Wheaton (SLW).

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ITZ Video Pix

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Kenneth Langone, Invemed Associates chairman/president, weighs in on the implications of U.S. credit being downgraded.

Kenneth Langone, Invemed Associates chairman/president, explains why he thinks President Obama is on the wrong path.

STOPPED Out of Proshares UCO

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Oil is pulling back today, ITZ is stopped out of Proshares Ultra Crude Oil (UCO) $44.50.

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Chart of the Day

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WTI Oil broke briefly above $100 today, ITZ suggested entering a 1/2 position via Proshares Ultra Crude Oil (UCO) at 45.50. The should oil break $101 add  to position.

click on chart to expand image

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Oil Heading Higher

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Itz has been in and out of the oil trade the last several weeks, longer term believes WTI oil will hit $120 by 2012. If the debt ceiling is raised or not, oil will rise on either improving economic conditions and/or a lower dollar.

Back into Proshares Ultra Crude Oil ticker symbol UCO today as oil is breaking over $100 a barrel (WTI).

Re-entered UCO @ $45.50 half-position add 2nd half when oil breaks $101. SET Stop @ $44.50

Targeting 200-ma $48 level near term CHART Futures Quotes

SILVER WHEATON (SLW): Heading Higher

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ITZ has been bullish on Silver Wheaton since July 2009 and reiterated buying or adding to positions as SLW tested $30 level recently. link

TD Newcrest upgraded Silver Wheaton to Buy, price target raised from $44 to $46. link 

Investors are looking for safety in gold. Insight on where prices are headed and whether it will reverse its trend when a debt deal is made, with Robert McEwen, U.S. Gold

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SPECS Continue To Increase Long Positions In Oil

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The speculator group upped its net long futures and options position in New York by 13,453 to 182,285 during the period, an increase of almost 8 percent, when NYMEX front-month crude prices CLc1 rose from $97.43 a barrel to $97.50. >>>LINK

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Insight on the DOE and IEA coordinated oil release to help keep oil prices down and an outlook on oil prices, with John Hofmeister, Citizens for Affordable Energy.

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Chart Of The Day: WTI Crude Oil

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Click on chart to expand image

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