Market Update

All of the major averages are now showing negative 1 min divergences except for the Russell which may indicate some Fed interference. In either case, if the russell moves higher, it's likely to take the other averages with it, but understand that they are showing broad weakness into the bounce today.

As for USO, I think the intermediate/long term is solid for upside. Short term remains in strong confirmation. I think there's enough accumulation in the cycle to move USO beyond the March highs. So far, so good.