USO update

I'll get to the rest of the market just as soon as I can, however, short term weakness was seen on Wednesday in USO so an intraday pullback is not surprising. The extent to which it may effect the longer term charts of USO, which have looked good for a continuing bounce, despite the rising dollar, is as of yet unknown. I'd think by mid-day we should be able to see to what degree the longer term charts are effected and whether there is still a viable bounce opportunity in USO. I would personally be nervous to hold any long positions over the weekend, unless they were inverse ETS (basically buying a long ETF that is a short on a particular sector).

Quickly, the pullback in the market this morning is not surprising either as I stated earlier on Wednesday that I thought they'd try to keep prices up even as we saw distribution/negative divergences into those higher prices. So this morning's drop isn't surprising considering the way the 5 min charts looked on Wednesday and with a nearly 5-day weekend as few traders return to work today. The light volume could produce some extreme volatility intraday today.