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WTI Crude Oil again came close to testing $100 level. Having rallied off of Bernanke's comments yesterday of a possible QE3 monetary easing, but dashed today as Bernanke back peddled in front of the Senate. Risk On-Risk Off Whipsaw Markets. Itz was stopped out of Proshares Ultra Crude Oil (UCO) the other day @ $42.50 with a $2.25 profit. At the moment it's probably best to stay on the sidelines and trying to either long or short oil near term is just way too volatile. There's just too much political and global events pressuring traders. Longer term ITZ continues to see energy trend higher into 2012.
Below is a daily UCO chart: ITZ observation shows a possible Bearish Engulfing Pattern...need to see how tomorrow plays out...
Description: The first two days forms a Bearish Engulfing Pattern, and the third day confirms the reversal suggested by the Bearish Engulfing Pattern since it is a black candlestick closing with a new low for the three days.