ITZ : WTI Crude Oil Update

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WTI Crude Oil is once again testing the $90 level. ITZ has been long crude via Proshares Ultra Crude Oil ETF (UCO). Also tracking the weekly Gold/WTI Ratio (GOR) which has been in long oil signal. Below are 8 hour, daily & weekly futures charts for crude oil.

Using Proshres ETF $UCO, starting with $10,000 & rolling over gains would have netted 450% in 3 years. *Note similarities to last fall, UCO was declining as stochs & RSI declined...we're getting a move in crude now...how sustainable needs to be seen.

Time To Add To Oil Position

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On May 7th, 2012 ITZ noted that WTI Crude Oil was most likely going to head lower and test the $90 level. ..LINK

ITZ suggested a 1/4 position in Proshares Ultra Crude Oil ETF (UCO) on May 9th @ $36.70

Let's enter another 1/4 position here @ $32
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This is the 3rd consecutive year where crude oil has sold off in the month of May.

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Oil turns negative for 2012. Mark Fisher, MBF Clearing CEO, shares his thoughts on the reasons why.

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click charts to expand images