Thursday, July 7, 2011

Crude Oil Update 7-7-11

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WTI Crude Oil continues to close in on $100 level. We had API show a decrease in supply inventories and EIA reported a decline as well >> link
ITZ suggested entering Proshares Ultra Crude Oil etf (UCO) at $42.50 & $38 (1/2 positions), closing price today $45.28...up about 12.5%. ITZ is targeting $47.50 nearterm or about $100 on West Texas Intermediate Crude Oil. Longer term ITZ has a PT of $120 on crude.

CNBC's Bertha Coombs reports oil prices rallied near the $100 dollar mark on today's strong economic reports.

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