USO Update-DOE

I can't believe how long it took to find the DOE report, if anyone has the direct link to the report on the DOE site, please forward it to me so I don't have to spend so much time looking for it in the future.

Crude inventories came in at a huge miss-down 4.9 million barrels on expectations of a 300k draw


On the other side of the coin, Gasoline inventories were up far greater then expected at 2.2 million barrels, I'm not sure what consensus was, but whatever it was, this was a big upside surprise.

Oil didn't see the typical 10:30 DOE parabolic move up or down and just continued trading in a range. I'm not sure what to make of this at this point.

As you can see, USO is consolidating in a triangle, the implication of the price pattern is a move higher. There's been a little improvement in 3C, but it's far away from confirming.

As I said, I'm not sure what to make of this, but I'd be careful about buying the first breakout without a tight trailing stop.