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Thursday, November 17, 2011
Wednesday, November 16, 2011
Is Copper Set To Rally?
Subscribe in a reader Bookmark this on Delicious A loosening policy stance on credit in China should be sufficient to boost demand for commodities such as copper, said Goldman Sachs in a note, as it maintained a buy call on June 2012 LME copper, although the position has lost money.
"Although our long copper position opened in May 2011 remains substantially under water, our 12-month copper price target of $9,500/mt suggests substantial upside from current depressed levels," it said.
A Reuters report noted that the latest LME data showed copper stocks held in its global warehouses fell by 2,300 tons to 405,400 tons in London — their lowest since mid-February and down more than 70,000 tons from their mid-summer highs.
A Reuters report noted that the latest LME data showed copper stocks held in its global warehouses fell by 2,300 tons to 405,400 tons in London — their lowest since mid-February and down more than 70,000 tons from their mid-summer highs.
China, which accounts for about 40 percent of global copper demand, has picked up its buying of stocks of the metal, although concerns persist that the euro zone debt crisis might knock its exports.
United States Commodity Funds will begin trading its new “United States Copper Index Fund” (NYSEArca: CPER) Today, November 15, 2011. The investment objective of CPER is for the daily changes in percentage terms of its Units’ NAV to reflect the daily changes in percentage terms of the Copper Index, less CPER’s expenses. The Copper Index is designed to reflect the performance of the investment returns from a portfolio of copper futures contracts fully collateralized with 3-month U.S. Treasury Bills. LINK
If oil is indicating that there is truely an economic recovery...then copper should follow as well. Itz favorite plays on copper are Southern Copper SCCO & FreeportMcMoran FCX. If looking for dividends, SCCO has an 8.6% yield while FCX 2.5%.
If oil is indicating that there is truely an economic recovery...then copper should follow as well. Itz favorite plays on copper are Southern Copper SCCO & FreeportMcMoran FCX. If looking for dividends, SCCO has an 8.6% yield while FCX 2.5%.
Tuesday, November 15, 2011
OIL: Time To Take Profits?
Subscribe in a reader Bookmark this on Delicious Taking some money off the table on WTI Crude Oil. The spread between Brent & West Texas has come in to around $13. Also WTI was in backwardation has now gone into contango.
From the May 2011 high around $115 to the October lows $75 give a Fibonacci Retracement 61.8% of $99.60.
Those using Proshares Ultra Crude Oil (UCO) may consider taking some money off the table around $42 a share and keep a tight trailing stop. Not to say WTI couldn't rise further....but it is getting toppy and at some point will affect consumer spending. Itz is holding back on taking a short position via SCO, but is set to pull the trigger on this trade.
Why oil is a tough market to sell into right now, with Stephen Schork, editor of the Schork Report.
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Friday, November 11, 2011
$110 WTI Oil By February 2012?
Subscribe in a reader Bookmark this on Delicious Given the current backwardation in the WTI futures curve, expect oil to move above $100 as early as next week, with the upside target being $104.60 -- which is the recent high from May 2011,
ITZ has over the months highlighted the Gold ~ Oil trend pattern....in that WTI Oil has lagged gold by about 4 months. ITZ is targeting $105 in December and $110 early 2011. Expect pullbacks, which should by bought.
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BULL FLAG
Subscribe in a reader Bookmark this on Delicious The S&P 500 appears to be setting up either a BULL FLAG formation or a PENNANT with a Bullish bias. The 200 day moving average has provided support, while the 50 dma support. 1229 near term support/resistance... but lets see where the $VIX Volatility Index goes from here. The markets have shown some stability today as Greece appoints a new PM and Italy tackles austerity reform. Not saying all is clear...BUT if we get a break out over 1275 area...then we're off to the races 1300+.
The only worry is the price of oil, or WTI which is now at $100 a barrel. Is it signaling bullish growth, or will it harm the market? With just over 6 weeks remaining in 2011, look for a chase for end-of-year performance.
Thursday, November 10, 2011
Volatility & S&P 500
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How to play the fear factor in a volatile market, with Alex Panagiotidis, Stern Agee & Leach.
Tuesday, November 8, 2011
Oil Trending Higher
Subscribe in a reader Bookmark this on Delicious Over the last few years ITZ has noted the correlation between Gold & WTI Oil's movement. The trend currently is pointing towards higher oil prices. ITZ believes gold has resumed its trend higher and should be testing the $2000 level soon and oil $100...perhaps even higher.
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$100 Oil
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Even Dennis Gartman Sees Oil Prices to Hit $100 by Year’s End
Monday, November 7, 2011
S&P 500 Update 11-7-11
Subscribe in a reader Bookmark this on Delicious ITZ since October 18th has called for a year end rally LINK Recently ITZ suggested taking some money off the table and expected a pullback on the S&P 500 $SPX. What's next? A failure at 1275 and it will send a bearish signal..... and there's a lot on the geopolitical...news driven front that could provide the catalyst.
Friday, November 4, 2011
WTI Oil $100 By Yearend
Subscribe in a reader Bookmark this on Delicious Global Crude Benchmarks with Phil Flynn, Fox News Contributor VIDEO
Wednesday, November 2, 2011
Oil Poised To Trend Higher
Subscribe in a reader Bookmark this on Delicious WTI continues to consolidate, ITZ has noted in previous posts that it is poised to trend higher Past Post
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