Tuesday, July 26, 2011

USO Update-Still full of surprises

Check out the volume on the break of support, the following near vertical price action is typical of short covering, perhaps the shorts jumped in on the break of support, perhaps that's all USO needed, but I think there's still more drama coming.

 There was no accumulation at the bottom of this morning's break.

Perhaps it had something to do with the slide down in the dollar which s almost always good for oil, but for whatever reason, the dollar seems to be in accumulation mode since last week. Strange I know.

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