ITZ has been calling for a bottom in crude oil for a few weeks, WTI under $80 was giving a screamig buy and extremely oversold. One tool ITZ employs is the GOR- Gold Oil Ratio along with stochastics & RSI indicators. Crude Oil has under performed the SP500 and will play catchup.. chart. On the weekly chart it's been giving a buy and as noted last week (read) looking for a 'catalyst'. The EU gave that today and oil took off. ITZ prefers using the Proshares ETF long (UCO) & short via (SCO).
Oil Over A Barrel?
Is the market too complacent about Middle East risks and oil prices? Helima Croft, Barclays Commodities Research Group, and Kevin Book, ClearView Energy Partners, weigh in on the direction of oil and how to play it..