Commodities Head Lower
Commodities were lower today as many investors appear to be taking profits in gold, silver, oil etc. I exited the remainder of my long position in oil today as I feel this market has had a very nice move to the upside and there is no reason to press the trade any further. If anyone is still long this market, you might want to place a protective stop right below $38.00 in USO to lock in any gains that you may have.
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
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8 comments:
You said you were waiting for a significant move in the DOW. do the last two days qualify?
I think this is the beginning of a move down.
79 oil here we come...
At what level would you go back long on USO ?
Thank you for a great site !
I believe that oil prices will continue to increase for sure by the end of the summer. We need to get back to that $1.25 per gallon gas. I just hope that we can control inflation more so that we do not see any double digit stuff.
David
www.totallyfreemarketanalysis.com
Kevin,
Looks like the wave count had some insight this time.
http://imgur.com/WYIyM.gif
I suspect oil is rolling over just like silver did. POT just fell out of bed too and UNG looks to be potentially putting in a 4th wave triangle for one more wave down (at which point it could be a serious buy).
DaveT
Oh forgot to ask. What do you think of airlines, esp since you appear to think oil is topping. CAL has gotten crapped on for the past 2 months while other things have been rallying and now could be putting in an inclining double bottom. Thoughts?
DaveT
Where do you see the next support level for OIL Kevin ?
thanks for any comments .
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