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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