Tuesday, July 6, 2010

Crude Trade Pays

Last Thursday I posted that if crude dipped to about 72.50 it would signal a buying opportunity. If one bought at this juncture or entered a bit lower, there was a nice profit waiting for the trader this morning. From my previous post:"I will stay cautious and watch the tape closely on this. If I see $72.50-73.00 buying may be a viable option."

WTI Light Sweet is off about $0.27/b sitting @ $72.33/barrel. If there is a dip before closing today I will jump back in and look to stay long up until $74.00.

Related ETF's: Goldman Sachs Crude Oil Total Return ETN (OIL), United States Short Oil Fund (DNO), ProShares Ultra DJ-AIG Crude Oil ETF (UCO)

Patrick M. Ambrus
Managing Partner
Analyze Capital LLC
Twitter: AnalyzeCapital

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