Crude Oil Update 9-30-12

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Proshares UCO Position

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Crude Oil Sells Off 9-19-12

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ITZ has been calling for a test of $96 on the 8 hour chart LINK.

Yesterday's API report of a 2M bbl build followed by today's EIA build of 8.5M bbl build sent WTI through channel support heading towards ITZ target of $91.50.

ITZ took a 1/4 position in Proshares Ultra Crude Oil ETF UCO @ $32 today....lets give it a few days to play out. Looking to add to position.

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Crude Oil Sells Off

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ITZ noted last week that Crude Oil was setting up a 'Bearish Divergence' and would head lower testing $96. LINK

Today's light trading and rumors about the White House SPR release sent WTI 3% lower in a matter of minutes.

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ITZ PIX Portfolio Update 9-14-12

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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
 Raise STOP from $33 to 1/4position @ $37, 1/4 @ $36 & 1/2 @ $35 chart

Freeport McMoran (FCX) 1/2 position 4/5 $38 & 5/14 $34.80 1/2 position --raise STOP from $34 to 1/2 position @ $41 & 1/2 @ $40 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 --Maintain STOP @ $650 chart

Qualcomm (QCOM) 1/4 position 4/24 $61.40 / 1/4 position $58.50 5/17 & 1/4 position @ $57 on 5/17 --Raise Stop from  $60 to $62 chart

Starbucks (SBUX) 1/2 position 5/10 $52.50 & 1/4 @ $43.90 on 8/6 -- Raise STOP from $49 to $50 chart

Proshares Ultra Short Crude Oil (SCO)  ITZ has been in & out of this trade follow suggested trades on Twitter

WTI Crude Oil Tests $100

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Will Markets Sell On Fed Decision?

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ITZ believes the markets will sell on the Fed decision today, since QE3 has been baked into the recent move higher. As with crude oil, several factors have kept it rangebound, QE decision, a bullish stock market,hurricanes and mid-east geopolitical events--- while a sluggish economy & possible SPR release have kept a lid on prices. ITZ has been trading Proshares Ultra Short Crude Oil ETF (SCO) follow on Twitter



 

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ITZ Weekend Update: Gold, Silver, Copper & Euro

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U.S. nonfarm payrolls increased by only 96,000 last month, the Labor Department said on Friday, below the forecasted rise of 125,000. While the unemployment rate dropped to 8.1 percent from 8.3 percent in July, it was largely due to Americans giving up the search for employment.

The numbers fueled expectations that Fed policy makers will agree at next week's meeting to launch a third round of government bond buying, or quantitative easing, also known as QE3, to stimulate the world's largest economy.

Gold has rallied almost 10 percent since the start of August, pushing its 14-day relative strength index to 80, well above the 70 level that signals an overbought market to technical analysts. Gold pushed above $1700 to a 5-1/2-month highs after the European Central Bank unveiled plans for a bond-buying program to stem the euro-zone debt crisis. ITZ believes it can rally to $1800 near term and possibly to $2000.

Silver rose to its highest since mid-March at $33.71 per ounce. It was up 3.19 percent at $33.66 an ounce. ITZ play there is Silver Wheaton (SLW) targeting $40. ITZ suggested buying SLW back in April & May 2012 LINK and reiterated in August LINK

While gold & silver have broken out, copper is looking to do the same, the play there is Freeport McMoran (FCX). ITZ noted the Euro was set to rally as well as FCX last month LINK

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Jonathan Barratt, Founder of Barratt's Bulletin and Frank Holmes, CEO & CIO at U.S. Global Investors discuss the fundamentals for gold.

ITZ PIX Portfolio 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 Raise STOP from $32 to $33 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 --Raise STOP from $625 to $650 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 --Raise STOP from $46.50 to $49 Chart

Proshares Ultra Short Crude Oil (SCO)  entered today 9/6 two 1/2 positions @ $36.40 & $36.30 set STOP @ $36 Chart

Follow ITZ on TWITTER for up-to-date trades

Enter Proshares SCO

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ITZ suggested entering a 1/2 position in Proshares Ultra Short Crude Oil ETF (SCO) this morning at $36.40. As posted on Twitter ahead of weekly EIA report. Set stop @ $36

S&P500 Update: Testing Support

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S&P500 is testing key support level.

 

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