Tuesday, October 18, 2011

Proshares SCO Update

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Proshares UltraShort Crude Oil (SCO) entered at $52.75 just hit STOP of $51 ...ITZ has exited with a 3.3% $1.25 loss. ITZ entered on CFTC Commodity Futures Trading Commission plans to roll out long-delayed final rules that set new limits on speculative energy trading. We're seeing a nearterm rally in the euro which is sending oil higher. Longer term ITZ sees a stronger dollar versus euro & Canadian dollar. Again may suggest re-entering this trade. Note keep an eye on the $GOLD:$WTIC ratio support around 19:1

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