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WTI Crude Oil is knocking on $97 level...will it break higher or head lower? The Federal Reserve meets next week, will the continue with QE or taper? ITZ has called for a market correction, $SPX to decline to it's 200ma around 1,500 level.
WTI crude oil to around the $90 a barrel area, having entered Proshares Ultra Short Crude ETF (SCO) with two (1/4) positions @ $37.25 & $36.50. Next entry level $36, came close today. Here's a daily SCO chart, you can see a Head & Shoulders pattern with $36 neckline. ITZ will add to position @ $36 & set a $35 stop level on the entire position. SCO Chart
API & EIA inventory reports this week showed that there is more than adequate supply of crude oil.
Early this week, monthly forecasts from the Organization of the Petroleum
Exporting Countries and the EIA gave a more pessimistic picture of the oil
market. The EIA said Tuesday in its short-term energy outlook it expected the
growth of oil demand in China, the world's second-biggest oil consumer, to slow
to 4.1% this year, a drop from the 4.4% growth projected last month. OPEC
modestly lowered its forecast for global oil-demand growth this year. Read Story