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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