VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[Sgreg]

The WTI crude chart has to reset. As you know I watch the crude chart. I don't look at the UWTI/DWTI charts that much. The crude chart shows some indicators way over-heated. Oil has risen 33% from the lows of $26. I'm a bull as you know but even I flipped from UWTI to DWTI this morning. The crude chart is over bought and I think bears are licking their chops right now. Crude has even gotten well out in front of the new beautiful uptrend line. There will be a battle because bulls are still hyped up but I think this spot right here is bad for bulls. I think it is best to give it a couple of days to allow for the much needed pullback which will also reset over heated indicators. Also this candle today looks like it has short term reversal written all over it. We did fantastic here. I also think overall crude oil uptrend continues but we can get better prices in coming days I believe.