Monday, September 13, 2010
USO update
3C is tracking noticeably lower in USO on the 1 min, all 3 are in some form of a leading negative divergence. Even a 5 min is moving into a leading negative divergence. UUP (the dollar) is near it's support in that flag I showed you last week (bullish flag) and the 3C charts, especially 1 min are quite positive. Remember oil and the Dollar as well as the market and the dollar typically have an inverse relationship.
2 comments:
We have the Treasury Budget at 2:00 eastern, doesn't seem to be much of a catalyst unless it is much worse that expected. They are calling for a negative $95 billion.
It could come in any form, it could come from a simple price move that creates a bull trap. Remember the day down last week, there was nothing on the calendar that Tuesday, but news from Europe-I think it had to do with the stress tests, was released. These guys are working so far out ahead of the market with information and price/chart setups, there's no way to tell.
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