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Thursday, July 21, 2011
Exit UCO Trade
Subscribe in a reader Bookmark this on Delicious ITZ Exits Proshares Ultra Crude Oil (UCO) @ $45.50(STOPPED) with a 1.1% gain today.
Past ITZ Posts
UCO & SLV Updates 7-21-11
Subscribe in a reader Bookmark this on Delicious Just getting to updating SLV & UCO trades, busy morning with U.S. & global geopolitical/economic news.
As for Proshares Ultra Crude Oil ETF (UCO) yesterday, ITZ was stopped out @ entry price point. We'd noted via Twitter updates that ITZ would be on the sidelines. Watching for either a pullback to $42 or a breakout above $45 ($99 WTI Oil) to re-enter UCO. Well oil/energy broke higher mostly on the Eurozone news this morning and ITZ entered UCO @ $45. SETT STOP @ $45.50
Now the iShares Silver (SLV) trade, we'd set a $38.50 STOP on that trade, that level was tested actually $38.49. That trade may or may not have been executed, but ITZ suggests exiting SLV any way as ITZ indicators are signaling sell, after all this is a 1/2 position short term trade. Exit with a 3.35% gain - not bad for less than a day.
Wednesday, July 20, 2011
SLV & UCO Followup
Subscribe in a reader Bookmark this on Delicious Itz was Stopped out of Proshares Ultra Crude Oil (UCO) earlier today @ $44.50, on sideline for now. On the iShares Silver (SLV) Itz has upped the STOP level to $38.50. For up-to-date reports follow ITZ on Twitter
SLV & UCO Update
Subscribe in a reader Bookmark this on Delicious Here we go Silver is taking off as mentioned of Twitter $SLV lets raise STOP from $37.50 to $38 entered @ $37.25 raise $UCO stop to $44.50 Past Itz Posts
New Positions: Proshares UltraCrude Oil (UCO) & iShares Silver (SLV)
Subscribe in a reader Bookmark this on Delicious Let's take a 1/2 position in Proshares Ultra Crude Oil (UCO) @ $44.50 set stop @ 42.00. Watching EIA report later may add to position. UCO is flirting with 50ma CHART FUTURES CHART
Also entering iShares Silver (SLV) $37.25 stop $37 taking 1/2 position
Tuesday, July 19, 2011
Mid-Summer Oil Check
Subscribe in a reader Bookmark this on Delicious A look at the factors around the world that are putting less pressure on the price of oil, such as production, with Nansen Saleri,Quantum Reservoir Impact president/CEO.
Monday, July 18, 2011
New High For Gold...But Don't Ignore Silver
Subscribe in a reader Bookmark this on Delicious Gold is basically in uncharted territory (unless we use an inflation adjusted chart to mark resistance levels) Looking at possible price projections levels to try to get an idea of where the technical chart resistance might appear. On a weekly chart $1720-$1750 should $1650 resistance give. Downside technical chart support remains near the previous all time high made earlier this year close to $1580 followed by stronger support near $1550. Itz doesn't expect technical resistance until $1625 level but that would be more psychological rather than technical in nature, $1650 is a more likely PT.
Itz has been more bias toward silver, although everyone is on the gold bandwagon, as ITZ has been citing for months. Silver has a dual purpose- as a precious metal and as an industrial metal as well. Silver had a parabolic move earlier this year and appears to have found a floor, putting in a double bottom recently. In the chart below you'll see a gold/silver ratio, having bottomed in May and what looked like recently, setting up an ascending triangle formation. Which if held would of sent silver lower. But the chart has broken down and we may see the ratio test it's recent lows of 32, while gold rallies towards $1650. That would put silver at $51.50, which ITZ sees occurring by 2012.
Now there are those citing how gold has outperformed silver and is the metal to be in. Well..that depends now...what time frame are we looking at? Sure since May 2nd when the Gold-Silver ratio bottomed gold has risen by 3% while silver has declined 17%. But from May 16th silver has risen 18% & gold +7%. Lets go out YTD gold +13%; silver +30%. One year gold +35%; silver...+127% and finally two year performance gold up 71% while silver up a whopping 201%!!!
ITZ is not saying one shouldn't own gold, in the ITZ PIX portfolio we have suggested Yamana Gold (AUY). Itz has also suggested owning copper - Southern Copper (SCCO), Freeport McMoran (FCX) and platinum miner Stillwater Mining (SWC). But Itz favorite play has been Silver Wheaton (SLW), best performer by far.
Investors who flocked to gold have seen is value rise by almost 35% this year, with Mad Money host Jim Cramer. Is it too late to buy gold?
Commodities Outlook: Oil & Silver
Subscribe in a reader Bookmark this on Delicious ITZ outlook is that global growth has hit a temporary patch of weakness in demand growth, but by September expect to see a turn around, not withstanding some sort of big financial event or some further blow-up of this sovereign debt situation. ITZ called the silver rally albeit somewhat early...thought we'd have an oil rally, which we traded via UCO and were stopped out with a small profit. Considered shorting oil Friday via Proshares SCO, but one can easily get whipsawed in this market. For now ITZ is involved with energy via RIG, SU, PGH & PWE. Longer term ITZ view remains oil will trend higher into 2012 and has a $120 price target. For now metals are working Silver Wheaton (SLW) up 33% since June 16th, Freeport McMoran (FCX), Yamana Gold (AUY), StillWater Mining (SWC) and Southern Copper (SCCO).
Friday, July 15, 2011
Speculators Increase U.S. Crude Oil Net Longs
Subscribe in a reader Bookmark this on Delicious Money managers raised their net long U.S. crude futures and options positions in the week to July 12, the Commodity Futures Trading Commision said on Friday. Read Story
CNBC's Bertha Coombs discusses the day's activity in the commodities markets, and looks ahead to where oil and precious metals are likely headed next week.
Copper Heading Much Higher!
Subscribe in a reader Bookmark this on Delicious Today's news that Bof A is bullish on copper, more specifically Freeport McMoran (FCX):
Bank of America Merrill Lynch Analysts Begin Coverage on Freeport McMoRan Copper and Gold Inc (FCX) read story
This past Tuesday ITZ posted this blog READ on copper's direction.
Past ITZ Copper Posts June 29th, June 20th , May 25th Futures copper charts, quotes
A look at what's trading on Twitter this week, with Ed Ponsi, Barchetta Capital Management.
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