USO UPDATE

Last week there were signs of some accumulation in USO, last night I mentioned USO is a likely candidate for some upside momentum this week based on the fundamental situation in the MENA region with regard to Israel.

 While this daily chart doesn't seem to depict anything ominous today, USO was 1% lower this morning which is a pretty decent drop for morning trade. However, like most of the market which was also down this morning and has since made up the lost ground to trade in the green, with the exception of the QQQ/NASDAQ 100 which I pointed out last Friday, did not look good compared to the S&P, Dow and Russell 2k.

Here USO shows a 15 min relative and leading positive divergence.