Garner pointed out that during the recent decline in oil, large speculators unloaded approximately 40 percent of their bullish holdings. This is a good thing because back in July, big money was way too bullish on oil with a net long position of 328,000 contracts. Last week that dropped down to roughly 200,000 futures contracts.
Garner thinks this is a wonderful sign for oil, as in recent years when net long positions on crude drop to that level the selling will dry up and prompt a rebound.
"The fact that the big boys were throwing in the towel and capitulating right near the bottom is exactly why Garner now believes the path of least resistance for oil is higher," Cramer said.
watch out ,,to much nervous shorts ready to run to the exit
Itau Unibanco Banco Holding SA (NYSE:ITUB) Price Target Update
By Richard Eiserer -
Aug 28, 2015
Itau Unibanco Banco Holding SA (NYSE:ITUB): The stock price is expected to reach $ 11.92 in the short term. The number of analysts agreeing with this consensus is 3. The higher estimate for the short term price target is at $13 while the lower estimate is at $11. The standard deviation of the price stands at $1.06.
Itau Unibanco Banco Holding SA (NYSE:ITUB) has received a hold rating for the short term, according to the latest rank of 3 from research firm, Zacks. The company received an average rating of 2 from 4 analysts. 1 analyst have rated it as strong sell. 3 have rated it as a strong buy.
jaciq969 ,, you are telling me to be silent ??? you who scream to short SDRL at $6.20-6.50 ...when i bought you shorted,,,,