USO Update

This may be getting close to a short position either via SCO or DTO.

 Here's USO's bounce which I talked about yesterday, my target was a bit higher around the red trendline, volume is very weak and thus far the bounce isn't very impressive.

 3C 2 min is negative at the bounce highs today and leading negative at that.

 The 5 min went negative as well, but there still seems to be enough accumulation in the 5 min to maybe take USO a bit higher.

 The 10 min is negative as well, I would at least expect some confirmation, but every time frame negative... not what I expected.

 The 30 min remains negative and is just in line with price action, which in my view, makes USO still a short worthy of consideration.

Here's my Trend Channel, I'm thinking USO may make it to the top of the channel, however, I don't think it is too early to start phasing in to a short position, via whatever vehicle you choose (short USO, buy SCO/DTO), my choice would be to buy SCO. However,  would phase in to the trade, decide what you risk management will allow for as far as position sizing and I would maybe enter 25% of that today, if we get a little more upside add another 25% (50% of the total) and then on a confirmation of the break lower add the remaining 50%.