USO

Being the Dollar is still positive compared to yesterday and this am's report, something is quite clearly driving USO higher. Of course I have little doubt that it is the accumulated position in USO by smart money. On a small scale, we'd call this stage 2 "mark up". At some point smart money starts selling into demand, I don't see that yet and not surprisingly.

As you can see, we are 1 cent (the open) from what is now a bullish engulfing pattern.

Since accumulation was first spotted about a week ago (we have no idea where the main purchases were made so we can not figure out their true average cost), I have set up a 7 day VWAP which gives you the average price paid according to volume over the last seven days. It could be a rough target.

Here's the 1-min chart of the QQQQ-obviously there's a leading divergence so it does not appear as if there is any distribution into the move thus far.