VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[Peasodos]

I have been all cash for the last few weeks. I'm short oil on any significant breakout to the upside because I don't think it will last very long. I would say the current bias points to an upward move, but ultimately it will fail and oil will drop below $30 again.

Oil is currently trading at the upper resistance in the current channel we have been stuck in for some time. Today's API and tomorrows reaction to EIA will determine if there is a breakout or not, this week.

I'm very comfortable being all cash, but ready to jump heavy into D on any significant move to the upside. If oil reacts positively to EIA data more shorts will cover and we could pop a few dollars. On the flip side oil could drop to the moving(50,200) averages again.

We'll see....