USO Update

USO's action is making sense.

Remember, USO dropped about 6.5% in a couple of days, there's some incentive to accumulate a position here and it doesn't happen in one day.

 A little distribution on the 1 min chart will keep USO from rising too quickly, allowing the locals to accumulate at better prices.

 The following, 5 and 10 minute charts show that the accumulation process seems to be underway today.

 10 min.

Mision accomplished, locals knocked traders out of their positions and can accumulate UO at a pretty deep discount. Everything here looks normal, I personally would continue to but weakness/pullbacks.