Wednesday, September 4, 2013

Shorting Crude Oil : SCO

 Subscribe in a reader

ITZ exited $SCO on pending U.S. military action against Syria  see comments

It now appears that the president's efforts to get congressional support is waning, with Sen. McCain not willing to support the senate resolution and even our top general not supporting a strike. READ

ITZ is re-entering the Proshares UltraShort Crude Oil ETF (SCO) at $27.80 with a 1/4 position and will add over the coming days.

ITZ for several weeks has noted on Twitter & this blog, the Commitment of Traders chart and that crude was poised for a substantial decline. Last night Jim Cramer on CNBC MadMoney repeated exactly what ITZ has been banging the table on oil and gold.


itzstockchartz said...

added to $SCO (1/4 position @ $27.25) on CLV13 drop below $109
Now @ 1/2 position $27.80 & $27.25

itzstockchartz said...

Crude has been in an Ascending Channel on daily chart, watching $105 level a break below & will add to $SCO (1/4 position) then next level to watch will be $102

itzstockchartz said...

Let's see @ market open where crude is via SCO... will probably add to position

itzstockchartz said...

Added 1/4 position $SCO @ 30.75 on open