Yesterday we had a drop below support of the flag in USO which quickly recovered, but there was no accumulation or very little on the drop. Today, once again we are below the flag.
Daily chart-flag
The breakout above the flag, inability to add to the breakout gains and two consecutive drops back into the flag. Remember, most of the good energy report trades have been counter trend or counter finding, meaning bad reports have rallied and vice versa, I'll be watching for 3C signals, 9 minutes to go.
Is interest rates about to start going up?
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Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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