Thursday, July 21, 2011

UCO & SLV Updates 7-21-11

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Just getting to updating SLV & UCO trades, busy morning with U.S. & global geopolitical/economic news.

As for Proshares Ultra Crude Oil ETF (UCO) yesterday, ITZ was stopped out @ entry price point. We'd noted via Twitter updates that ITZ would be on the sidelines. Watching for either a pullback to $42 or a breakout above $45 ($99 WTI Oil) to re-enter UCO. Well oil/energy broke higher mostly on the Eurozone news this morning and ITZ entered UCO @ $45. SETT STOP @ $45.50

Now the iShares Silver (SLV) trade, we'd set a $38.50 STOP on that trade, that level was tested actually $38.49. That trade may or may not have been executed, but ITZ suggests exiting SLV any way as ITZ indicators are signaling sell, after all this is a 1/2 position short term trade. Exit with a 3.35% gain - not bad for less than a day.

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