Contrarian Call---HIGHER OIL

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ITZ has taken the contrarian position on WTI Crude Oil, whereas the most analysts are calling for lower oil prices that will drive the stock market higher. ITZ is in the camp that if the economy improves, then energy demand will rise. Several weeks ago ITZ was pounding the table on the metals -gold & silver- calling a bottom on Silver Wheaton (SLW) around $30 and that silver would most likely retest its highs and even reach $50 by year end. Now the bullish call is for WTI crude oil and the forecast that it is heading higher, targeting $120 in early 2012. Below ITZ has assembled some charts that are testing key levels.

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OIL Tests Channel Support

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ITZ S&P Target

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BUY Oil via UCO

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As per Twitter Updates...ITZ suggests entering a half position on Proshares Ultra DJ-AIG Crude Oil ETF (UCO) and adding the second half position on Friday's BLS Non-Farms Report. UCO CHART

EIA Weekly Inventroty Report >> Link

Enter 1/2 position UCO @ $39   ........Lets set stop @ $37

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ADP & BLS Jobs Report

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U.S. Private-Sector Employment Increased by 114,000 Jobs in July, According to ADP National Employment Report .....Read More

Private sector payrolls rose at a faster pace than expected in July, but a surprising increase in layoffs in the sector helped push the number of announced U.S. jobs cuts to a 16-month high, separate reports showed Wednesday. The data come ahead of Friday's closely watched July jobs report, which is expected to show 85,000 nonfarm payrolls and a 9.2 percent unemployment rate.

Chart thru 2010 LINK

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Gold Oil Ratio

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ITZ a few months ago was pounding the table on silver and gold...now the opportunity lies with WTI crude oil. ITZ has used the oil trailing gold by 4 months chart in the past as well as the gold/oil ratio chart below. All indicate that oil is a buy here.

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Chart & Video Of The Day

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Insight on whether a falling greenback could actually strengthen the pace of the recovery, with Martin Feldstein, Harvard University professor/Council of Economic Advisors former chairman, under President Reagan.

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ITZ PIX: New Position GPL

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Great Panther Silver (GPL) Itz is suggesting entering this stock at $3.50 Chart as it tests it's 50ma. Set Stop @ $3.25

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Key Index Levels

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Key Levels in some major indexes.

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Proshares UCO STOPPED OUT

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ITZ exits Proshares Ultra Crude Oil (CO) @ $42.50 STOP this morning, entered 1/2 position on Friday @ $42.00 for a +1.2% gain.

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