SP:SPGSCLP   S&P GSCI CRUDE OIL INDEX EXCESS RETURN
I trade the commodities thru 1X, 2X, 3X bull and bear (inverse) ETFs, and ETNs. When I do I use the chart of the base commodity or index to calculate the entry and exit points. In this case the Index is the S& P GSCI Crude Oil             Index ER which is what the UWT             (3x bull) and the DWT             (3x bear) ETNs are supposed to reflect (minus fees). If you aren't aware 2X and 3X trading vehicles DECAY with time (sort of like options) so are not recommended for long term buy and hold, but rather best for shorter term swings.

Based on what I see I think it likely we are currently in a fairly short term sideways consolidation such as a contracting triangle. When this is over I think it likely the Index will rise to about the 220-224 level. IFFFF it does the UWT             will likely rise to about the 38-44 level. Process your way. Have a great week ahead.
Comment: Looks like today may be up day. I'm not sure "d" is over yet. It hasn't gone up as much as usual.
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Comment:
Trade closed: target reached: My target for UWT hit and sold at 38.30. The target for SPGScLP still not up to first target of 220 so UWT still could go higher.
Good Day Good Guy, what's your outlook here now? Are you going to be transitioning into DWT soon?
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@faronf, good day to you. Personally I have put in gtc orders to sell my UWT at 37.90. Just below my possible target. IFFFF that happens will re-evaluate. Ask me again then. Have a great weekend.
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faronf goodguy
@goodguy, sounds good.... you as well.
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@faronf, I'm thinking we may see $ 70 oil.
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@faronf, Also did you see ALK up about 6% today.?
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faronf goodguy
@goodguy, shit yeah!
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