Friday, August 31, 2012

Crude Oil Update

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ITZ was targeting $93, yesterday's low was $93.94. We're getting a reversal break out in the 1 hour chart, it appears that $98 will be retested.

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Thursday, August 30, 2012

Crude Oil Selling Off

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WTI Crude oil on the futures chart hit resistance @ $98 and in a sixty minute chart heading toward $93, ahead of Ben Bernanke & Jackson Hole this Friday.

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Thursday, August 23, 2012

ITZ Stock PIX; Update

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Position Update:

Silver Wheaton (SLW) 1/2 position 4/17 $30, 1/4 position 5/8 $26.75 & 1/4 position 5/9 $26.75  set STOP @ $32 chart

Freeport McMoran (FCX) 1/2 position 4/5 $38 & 5/14 $34.80 1/2 position --set STOP@ $34 chart

Apple (AAPL) 1/4 position 4/24 $559 / 1/4 position 5/17 $539 / 1/4 position @ $588 on 7/23 & 1/4 position $572 on 7/25 --set STOP @ 50ma around $625  chart

Qualcomm (QCOM) 1/4 position 4/24 $61.40 / 1/4 position $58.50  5/17 & 1/4 position @ $57 on 5/17 --set STOP @ $60 chart

Starbucks (SBUX) 1/2 position 5/10 $52.50 & 1/4 @ $43.90 on 8/6 --set STOP @ $46.50 chart

Proshares Ultra ProShort S&P500 (SPXU) 1/4 position 8/17 $41.00 & 1/4 @ $40.15 8/21 --set STOP $41.25 chart

Proshares Ultra Short Crude Oil (SCO) 1/4 position @ $37.50 on 8/17 & 1/4 positon $36.50 8/21 --set STOP @ $36 chart

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Gold & Silver Testing Resistance

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Gold futures broke that minor resistance trendline, but is now running up against major resistance $1675. RSI is overbought, look for a near term pullback before an attempt to break higher. As with gold, silver is up against major resistance as well.

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Tuesday, August 21, 2012

Gold Breaking Out?

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Gold appears to be breaking out here as well as silver. ITZ takes a look at the 8 hour, daily & weekly futures charts of gold.

                                                        click on charts to expand images                                                


Friday, August 17, 2012

Near Term Top In Oil

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ITZ suggests if you're long WTI Crude Oil via Proshares Ultra Crude ETF (UCO) to reduce position and consider taking a position into Proshares Ultra Short Crude Oil SCO.
WTI is testing the $96 level...ITZ has targeted $96/$97 as a near term top level.
ITZ is entering a 1/4 position in SCO around $37.50    Past ITZ Oil Post

Markets Overbought Hedge With This ETF

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ITZ is taking a 1/4 position in Proshares Ultra ProShort S&P500 ETF (SPXU) around $41

$SPXA150R S&P 500 Stocks Above 150-Day Moving Average

Thursday, August 16, 2012

WTI Crude Oil Near Term Overbought

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ITZ sees a bit more upside here for WTI Crude Oil on the futures charts, below are the 1 hour & 8 hour chart. ITZ suggests using Proshares Ultra Crude Oil ETF (UCO) & Proshares Ultra Short Crude Oil (SCO).
click on charts to expand images

Silver Wheaton (SLW) Breaking Higher

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Silver Wheaton is finally breaking higher, ITZ noted a few weeks ago SLW was set to breakout read


Low Volatility--- Complacency

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Low Volatility on the S&P500 & Nasdaq100

Tuesday, August 14, 2012

Is The Euro Set To Rally?

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The FXE tracks the movement of the euro against the U.S. Dollar Index. Mad Money host Jim Cramer, takes a look at the chart to see where the currencies could be headed. Video Link

ITZ correlates Freeport McMoran (FCX) to the FXE.

Apple (AAPL) Update 8-14-12

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Apple is approaching  the April 10th intraday high of $641.25
Past ITZ posts July 10th July 25th

Friday, August 10, 2012

Crude Oil Pullback

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ITZ was targeting $95 on WTI crude oil as a reversal level.... hitting $94.73. Downside target $92 - $91.68 hit in futures. Getting a bounce here support/resistance $93.20. Crude continues to trade within an ascending channel, further selling could send it lower to $89-$88 level. ITZ suggests using Proshares SCO in shorting oil and UCO for long positions.
The price of oil is lower on fresh concerns about the Chinese economy and a lower forecast for global demand for crude. link
click on chart to expand image

Tuesday, August 7, 2012

Silver Wheaton Update 8-7-12 (SLW)

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Silver Wheaton is approaching resistance @ $29....will it breakout?

Past ITZ Post on Silver Wheaton Click Here

Silver News: CFTC Commissioner Bart Chilton Comments on the Silver Investigation  link CNBC

Monday, August 6, 2012

S&P 500 Overbought Near Term

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ITZ favorite 8 hour S&P500 chart has it looking overbought near term.

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Add To Starbucks Position (SBUX)

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Starbucks has a P/E ratio of 25.2, equal to the average leisure industry P/E ratio and above the S&P 500 P/E ratio of 17.7. The company has improved earnings per share by 19.4% in the most recent quarter compared to the same quarter a year ago. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income and solid stock price performance. This current pullback should be bought for long term investors.