WTI Crude Oil Near Term Overbought

 Subscribe in a reader

ITZ sees a bit more upside here for WTI Crude Oil on the futures charts, below are the 1 hour & 8 hour chart. ITZ suggests using Proshares Ultra Crude Oil ETF (UCO) & Proshares Ultra Short Crude Oil (SCO).

click on charts to expand images

Silver Wheaton (SLW) Breaking Higher

 Subscribe in a reader

Silver Wheaton is finally breaking higher, ITZ noted a few weeks ago SLW was set to breakout read

 

Low Volatility--- Complacency

 Subscribe in a reader

Low Volatility on the S&P500 & Nasdaq100

Is The Euro Set To Rally?

 Subscribe in a reader

The FXE tracks the movement of the euro against the U.S. Dollar Index. Mad Money host Jim Cramer, takes a look at the chart to see where the currencies could be headed. Video Link

ITZ correlates Freeport McMoran (FCX) to the FXE.

Apple (AAPL) Update 8-14-12

 Subscribe in a reader

Apple is approaching  the April 10th intraday high of $641.25
Past ITZ posts July 10th July 25th

Crude Oil Pullback

 Subscribe in a reader

ITZ was targeting $95 on WTI crude oil as a reversal level.... hitting $94.73. Downside target $92 - $91.68 hit in futures. Getting a bounce here support/resistance $93.20. Crude continues to trade within an ascending channel, further selling could send it lower to $89-$88 level. ITZ suggests using Proshares SCO in shorting oil and UCO for long positions.

The price of oil is lower on fresh concerns about the Chinese economy and a lower forecast for global demand for crude. link

click on chart to expand image

Silver Wheaton Update 8-7-12 (SLW)

 Subscribe in a reader

Silver Wheaton is approaching resistance @ $29....will it breakout?

Past ITZ Post on Silver Wheaton Click Here

Silver News: CFTC Commissioner Bart Chilton Comments on the Silver Investigation  link CNBC

S&P 500 Overbought Near Term

 Subscribe in a reader

ITZ favorite 8 hour S&P500 chart has it looking overbought near term.

click on chart to expand image

Add To Starbucks Position (SBUX)

 Subscribe in a reader

Starbucks has a P/E ratio of 25.2, equal to the average leisure industry P/E ratio and above the S&P 500 P/E ratio of 17.7. The company has improved earnings per share by 19.4% in the most recent quarter compared to the same quarter a year ago. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income and solid stock price performance. This current pullback should be bought for long term investors.

Gold:Oil Ratio

 Subscribe in a reader

Strong move on crude oil today, $92 on WTI presenting some near term resistance.
ITZ has used the Proshares Ultra Crude Oil etf (UCO) to long oil. Below is a Gold (GLD): Oil (USO) ratio chart against the UCO.

Markets Rallying On July Jobs Report

 Subscribe in a reader

Economy adds 163,000 jobs; unemployment rate ticks up to 8.3% and markets are rallying this morning. LINK  BLS website

ITZ exited Proshares pro Short S&P500 (SPXU) this morning at $44.30 with a $0.35 loss.

click on charts to expand images

Market Decline Continues

 Subscribe in a reader

ITZ has a 3/4 position via Proshares Ultra Proshort S&P500 (SPXU) having entered at $44.50 twice & $45 once. Looking to possibly add remaining 1/4 position on the BLS Jobs Report tomorrow.
Yesterday the FOMC left rates unchanged and basically said nothing. LINK
Today Draghi gave a plan on what the ECB may do...markets expectation was for action.

click on charts to expand images