ITZ Stopped from SCO

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Oil rallying prehours ITZ was stopped out of Proshares UltraShort Crude Oil (SCO) $52.40 entered @ $54.25 for a 3.4% loss. Sitting on sidelines, looking to possibly re-enter this trade, follow Twitter for updates.

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Proshares UltraShort Crude Oil (SCO) Update

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Rasie STOP from $51 to $54.50

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ITZ PIX New Trade

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Entered new trade prior to close: Proshares UltraShort Crude Oil (SCO) @ $54.25 SET STOP @ $51 CHART

S&P500 touched 1220 intraday, Euro rallied off Slovakian vote but failed to hit ITZ target 1.3850. Looking for some consolidation over next several days driven by European news. WTI Oil to pullback along with $SPX towards $80 or so.

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Add to Proshares Ultrashort Crude Oil (SCO) Position

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Itz is suggesting adding second half position Proshares UltraShort DJ-AIG Crude Oil ETF (SCO) @ $37.00. Itz entered yesterday @ $38.50, average cost basis now $37.75 and lets lower the STOP to $35
CHART

The current price of gas is capable of destroying demand, says David Greenberg, Greenberg Capital oil trader.

Re Entering Proshares UltraShort Crude Oil (SCO)

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ITZ PIX Portfolio is again re-entering the Proshares Ultra Short DJ-AIG Crude Oil ETF, ticker symbol (SCO). West Texas Intermediate Crude Oil is at the moment testing the $110 level.  Oil continues to trade on geopolitical fears, Nigerian is scheduled for elections this weekend after being delayed 1 week. News out of Japan today on another large earthquake has added to oils rise. Fundamentally, there remains ample supply of crude oil on the market ..read story  UAE Oil Minister: Oil Prices Hit By "Perfect Storm"

Itz had entered a partial position in SCO a few weeks ago & exited with a small loss. ITZ is today suggesting to re-enter a 1/2 position on SCO, keeping a tight stop & watching next week seeing how things play out. Again this is a high risk position and is being used in part as a hedge to ITZ PIX energy positions. Follow ITZ on Twitter for up to date alerts.

ITZ PIX enters 1/2 position @ $38.50 -- STOP $36

SCO Update

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WTI crude oil appeared to be breaking out of an Ascending Triangle pattern and in the last several minutes has sold off. CHART
There's a tug-of-war going on... with a build in WTI inventories and now a stronger dollar on the Jobs Report news...versus the geopolitical events. Not to mention the speculators driving the price to $110. ITZ has placed a $41 STOP, we may see SCO position exited today. Stay tuned...