Saturday, July 30, 2011

Oil, Gold & Dollar 7-30-11

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The debate on the deficit is impacting decisions made by investors. Insight with Daniel Dicker, TheStreet.com/New York Mercantile Exchange; Joseph Trevisani, FX Solutions, and Frank McGhee, Integrated Brokerage Services.






ITZ suggested entering a 1/2 position on Proshares Ultra Crude Oil (UCO) under $42 via TWITTER

Friday, July 29, 2011

Extending Debt Ceiling Good for Economy

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"...if we do austerity, deep spending cuts immediately there's a certain camp that says that's not great, 1% gdp economy. okay, fine. We'll go, get a few cuts until January of '13 then do the big $4 trillion cut. I would pass a longer term extension of the debt ceiling. how long? One and a half to two years.  I would do as much cutting as can be agreed upon right now. I would put in place a bipartisan congressional committee that like the base closings is an up or down vote and if it can't pass then revert to McConnell and let the president propose a plan that two thirds of both houses have to overturn. I would set the bar at $4 trillion and if the congress can't do it let the president do it, whoever the president might be...." -- Ralph Schlosstein, BlackRock co-founder.


Thursday, July 28, 2011

WTI Oil Charts Point To Higher Prices

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ITZ has in the past posted the Gold/Oil trend chart WTI hit resistance at $100 & with the build as reported this week via API & EIA reports has retreated. ITZ longer term call has been that WTI Crude Oil will trend higher targeting $120 by 2012.


Silver Wheaton (SLW) 7-28-11

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Is Silver Wheaton (SLW) repeating a similar chart pattern? If so expect a 50% retracement to the $35 level then a rally to at least a retest of $40 or even higher. Longer term ITZ sees a 'Head & Shoulders' pattern developing with $30 being the neckline. Would really like to see the all-time high around $47 surpassed.



My Twitter friend Ashraf Laidi posted some very insightful silver charts yesterday Silver Lining, Debt Ceiling & Quant Easing check it out.  BNN Interview

ITZ has taken the CFTC chart and added that of Silver Wheaton (SLW).

ITZ Video Pix

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Kenneth Langone, Invemed Associates chairman/president, weighs in on the implications of U.S. credit being downgraded.





Kenneth Langone, Invemed Associates chairman/president, explains why he thinks President Obama is on the wrong path.

Tuesday, July 26, 2011

Chart of the Day

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WTI Oil broke briefly above $100 today, ITZ suggested entering a 1/2 position via Proshares Ultra Crude Oil (UCO) at 45.50. The should oil break $101 add  to position.


click on chart to expand image



Oil Heading Higher

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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

SILVER WHEATON (SLW): Heading Higher

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ITZ has been bullish on Silver Wheaton since July 2009 and reiterated buying or adding to positions as SLW tested $30 level recently. link

TD Newcrest upgraded Silver Wheaton to Buy, price target raised from $44 to $46. link 


Investors are looking for safety in gold. Insight on where prices are headed and whether it will reverse its trend when a debt deal is made, with Robert McEwen, U.S. Gold



Friday, July 22, 2011

SPECS Continue To Increase Long Positions In Oil

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The speculator group upped its net long futures and options position in New York by 13,453 to 182,285 during the period, an increase of almost 8 percent, when NYMEX front-month crude prices CLc1 rose from $97.43 a barrel to $97.50. >>>LINK


click chart to expand image

Insight on the DOE and IEA coordinated oil release to help keep oil prices down and an outlook on oil prices, with John Hofmeister, Citizens for Affordable Energy.


Chart Of The Day: WTI Crude Oil

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Click on chart to expand image