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Tuesday, April 12, 2011

The pullback in commodities looks to have begun

I've been calling for a pullback in commodities (especially USO if it reached $44-$44.25) and as it got there it went above and caused me to go bullish. I should have stuck to my guns and stayed with my bearish call, because shortly after going higher it reversed! But I guess that's why I'm trading from home and not somewhere on Wall St....

Anyhow, I made a good call to go bearish recently as it is paying off. Use this opportunity to buy up commodities like Silver. I'll have levels for entries on the GLD, SLV, USO sometime soon.

*cheers!

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