Important USO Update

The Fed has a problem, the Chinese finger trap and commodities rising in price is a big part of that problem. So the Obama administration has decided to try to intervene.

Here's the full story

Here are the USO charts

 USO has broken resistance, it should be heading up to test the highs, instead the price action has become very thin today and volume is dropping off.

 Here's a closer look on a 10 min chart, the implication of a wedge like this is a move down, although black box programs would normally create a false breakout to the upside first, not sure if that will happen this time. Again note the volume.

And 3C has gone negative about the time the announcement came out.

It may be time to take profits in USO and wait for some clarity.