USO P/L and Follow Up

The USO P/L came out to be about +15% which is not bad for a regular old USO short; that's on top of another +26% from last week's puts which were closed Tuesday, USO Follow Up and Update.

At a fill of $17.70 the P/L came out to a gain of +15.02%

 On this 15 min chart of USO you can see the parabolic nature of the decline and as you probably know, I don't trust parabolic moves either up or down to hold for long before some equally parabolic reversal.

Volume was also very high and a large gap so it's likely a lot of stops were taken out and we are close to a short term oversold event in which case there's not much reason to fight for a couple of extra percent or risk losing 1.3rd of the gains.

Intraday, there's a sharp positive divergence starting which "may" end the day with something like a bullish "Hammer" reversal candlestick and with volume like that it would be very effective so it just wasn't worth the risk to try to squeak out a few extra percent at this point, not to say additional positions might not be opened shortly, but for now I think this was a good choice.