Wednesday, February 29, 2012

ITZ Position Updates & Stop

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Proshares Ultra Crude Oil (UCO) sold another quarter position as the $46 STOP was hit earlier this morning. We have 1/4 position remaining long with a $45 STOP.

Silver and Silver Wheaton (SLW) seeing some selling this morning after the metal broke out from a long term trend resistance. ITZ is suggesting placing a $37 STOP on Silver Wheaton (SLW)

Tuesday, February 28, 2012

Proshares Ultra Crude Oil UCO --Update

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Well WTI Crude Oil hit ITZ $110 February Target called back in the fall of 2011. ITZ was looking for resistance at $110 and a pullback towards the breakout around $103...maybe even  a retest of $100. Past Post

Today's market action had stocks, gold, silver rising..but WTI oil sold off late in the day...not bullish.

ITZ has over the last few years, suggested readers of this blog to trade the Proshares Ultra Crude Oil etfs UCO & SCO.  Since October when we suggested entering UCO at $26 and then trading in and out and recently riding the 75% position. Until today, ITZ suggested stop on 1/2 position was hit @ $47. We now have a 50% position with the next incremental stops set at $46 & $45, which maybe hit tomorrow? Past ITZ UCO Trades

If you decided to follow ITZ's suggested Buy & Sell calls on UCO, using as an example 100 shares per 1/4 position. Starting with 400 shares @ $26 = $10,400...the trades as of today's close $46.48 would now be worth $18, 736 for an 80% profit. Granted if the remaining position are sold the return will net 77.9% in 5 months...not bad!

So is it time to short crude? Lets see how the next few days play out. If the remaining UCO position is stopped, then lets leg into a Proshares Ultra Short Crude Oil (SCO) position

Update on Silver Wheaton (SLW)

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Back on December 29th ITZ suggested entering Silver Wheaton (SLW) @ $27.50 with a full position read post a month later ITZ suggested taking a 1/4 position off @ $35 (+27.3%) read post. Since then for 3 weeks silver consolidated and recently broke out as ITZ noted read post

So What is next? ITZ believes silver can go higher, below is a long term GLD SLV ratio chart, the ratio broke out of a Bearish Rising Wedge and the trend is lower, bullish for Silver Wheaton (SLW) and the iShares Silver Trust (SLV). ITZ maintains a $42 Price Objective on SLW, suggests those who entered back @ $27.50 and have a 3/4 position, to set a 1/4 position stop @ $37. Currently SLW is trading at $39.59, remaining position +44%.

Monday, February 27, 2012

Get Ready, Set Stops...

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ITZ has a 3/4 position in UCO, lets reset the STOPS @ 1/4 positions $47, $46 & $45...legging out should oil pullback here as noted on comments post read and Twitter -- Past UCO entry levels chart

"We're probably not going to hit $5 a gallon," predicts Phil Flynn, FOX Business Network contributor and oil analyst at PFG Best.

Let's Get Back Into This Short ETF

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For those that exited Proshares  Ultra Pro Short S&P500 (SPXU) a few weeks ago @ $10.25 READ 

ITZ suggests getting short the S&P500 here around 1370, either with the $SPXU under $10.00 or buying June out of the money $SPY puts.

Entering $SPXU $9.95 ...Placing STOP @ $9.75

Sunday, February 26, 2012

What's Next For WTI Crude Oil?

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ITZ has been bullish on the commodity sector for sometime, WTI crude oil has broken out and now nearing the $110 targeted level from last year. There is some debate as to the current spike being driven by the Iranian tensions, but crude oil has been in a longer term rising channel since January 2009. We should see a minor pullback, perhaps a throwback to $103, but that should be bought. ITZ believes that U.S. economic recovery is underway along with rising global demand from China needing more and more energy.

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Friday, February 24, 2012

Proshares Ultra Crude Oil (UCO) Update 2-24-12

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For those who've been long Proshares Ultra Crude Oil ETF (UCO) suggesting one place a STOP @ the $46 level. The stock is currently trading at $48.21. Click Here for past UCO Trades

Thursday, February 23, 2012

Profiting On WTI Oil's Rise

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ITZ entered Proshares Ultra Crude Oil (UCO) back in October 2011 taking full and partial positions and is currently 75% long. Here are the posts Read &  ITZ upside target Read

Current chart shows more upside for UCO, with a few resistance points.

Wednesday, February 22, 2012

WTI Crude Oil Update 2-22-12

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ITZ noted that WTI crude oil had broken out and was heading towards the $116 level. Back in November 2011 ITZ posted a chart showing POST... WTI/Gold directional movements, this chart has been posted several times on this blog over the last few years. Not a precise and accurate timing metric, however, it is just another tool ITZ uses in gauging oil's direction. Below is an up to date chart. Depending on how the Iranian situation develops, most likely things could improve near term with WTI crude dropping back under $100 a barrel. Depending on how gold does in the coming weeks, should it break above $1800 resistance. Then ITZ believes that WTI crude will follow target $116, perhaps higher.

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Ann Cameron, BNP Paribas, explains why investors should pay more attention to brent crude.

Apple...Chart Observations

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Well another bullish call on Apple today from Credit Suisse, placing a $600 price target. report

ITZ raised the price objective almost 4 weeks ago to $625  read

That said, where could Apple go near term? Below are a daily and weekly chart, highlighting possible support levels.

Monday, February 20, 2012

Crude Oil Breaking Higher

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ITZ noted recently that WTI Crude Oil was set to breakout and head to $116.....READ
Back in November 2011 the chart below was posted, the Gold/Oil Ratio versus Proshares Ultra Crude Oil UCO. The GO Ratio has been oscillating around the 17 level as both oil & gold rise in tandem. ITZ had called for $110 WTI Crude Oil by February 2011 ...READ
Recent geopolitical events are the catalyst to push crude higher... Iran Halts Oil Exports to Britain and France...READ

Sunday, February 19, 2012

Gold Observations 2-19-12

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Whether you love gold or hate gold it definitely is an indicator of sentiment and stocks relative to gold have not done well, says Curtis Arledge, BNY Mellon Investment Management CEO. Arledge says that gold has been one of the most emotional ways that investors are responding to the recent years of risk.

Friday, February 17, 2012

West Texas Crude Oil (WTI) Set To Break Higher

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Oil climbed in New York, heading for the biggest weekly gain this year, as signs of an improving U.S. economy and progress on a bailout for Greece bolstered the outlook for fuel demand. Brent touched an eight-month more

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