Silver Hits Downside Target...What Next?

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Silver tested $26 today as ITZ was calling for a few weeks ago Read Post

Itz suggested then that Silver Wheaton under $28 was a BUY, entered @ $27.50 this morning. SET STOP @ $25.

Even Jon Najarian of optionMONSTER agrees that SLW is a BUY here and going a lot higher.

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Past ITZ Posts Click Here

WTI OIL Heading Higher

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ITZ over the last several months has been targeting $110 WTI Oil in early 2012. Looking at several indicators Gold/Oil Ratio & Oil/TLT which is currently at 0.857. That said there is some caution based on ITZ observation that oil trails gold's move by about 4 months. If that hold true, then oil should see selling in January, just something to watch. Below are 3 time frames for WTI Oil...monthly, weekly and daily. ITZ has suggested using Proshares Ultra Crude Oil ticker UCO as well as Direxion Energy Bull ticker ERX. Note these are levered and high risk etf's.

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Chart Updates

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Lets take a look at a few recent charts,  ITZ noted earlier this month LINK LINK
Wishing all followers of this blog, Facebook & Twitter ~~~~ Holiday Greetings~~~~

Past ITZ Posts

New Energy Play

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ECA Marcellus Trust I-- ticker ECT: ECA Marcellus Trust I holds royalty interests in producing and development horizontal natural gas wells for Energy Corporation of America (ECA). Market cap of $445.89M. TTM Diluted EPS at $2.45, MRQ Book Value Per Share at $17.83, Graham number at $31.35 (vs. current price at $24.60, implies a potential upside of 27.44%), yields 10.5%. 
Ascending Triangle chart formation --ITZ PT $27 nearterm, then breakout to $31. STOP $22

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Oil - Gold Ratio

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Past ITZ Posts

Amazon AMZN Follow-Up

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AMZN appears to have put in a bottom, ITZ suggests taking a partial position and add to it on any breakout of the Wedge Formation. Previous chart

Past ITZ Posts

WTI OIL Heading Lower

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WTI Oil versus the TLT Barclays 20year Bond ETF broke down and is giving a bearish signal. Oil nearterm has support around $95...followed by $93 then $90. 

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Gold Long Term Chart

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How Low Will Silver Go?

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ITZ had noted silver was in a short term uptrend, that has been broken and now $26 level support comes into play. Past Chart Itz Pix fave remains Silver Wheaton a BUY under $28.

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Amazon AMZN Update

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Amazon is getting hit as well as the overall market this week....we maybe getting close to an entry level.

WTI Oil At $100...Where Next?

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WTI Oil rose today on Iran saber rattling and is currently trading around $100 a barrel.
Below are three charts a weekly and daily of WTI Crude Oil and another of oil against TLT.
This is a link to past WTIC/TLT chart

ITZ on an 8 hour chart had been looking for a Cup & Handle formation...the handle has taken to much time and the chart has now phased into a Bullish Pennant on the daily. The weekly formation is in a Downtrend Channel. Bottom line.....will crude breakout or breakdown in coming days?
A breakout will send oil to $113, but lower could see $90 near term and possibly the low $70s in coming weeks.

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The $WTIC:TLT chart is setting up an Ascending Triangle...but more importantly is the $Gold:$WTIC Ratio dropping below 17...click on this link for previous chart