USO Update

In the last hour or so I've had a ton of requests and chart updates, I'm going to try to get through them, but need to watch the market at the same time.

Until I catch up, if you have a question that is urgent, please mark the subject line "URGENT" so I know, at least until I catch up which I'll let you know. That doesn't mean don't send your emails as normal, just my response time will be a little longer, but I will get to them.
Thanks.

 USO 2 min is starting to go negative, remember USO wasn't on my list of shorts, I didn't see a strong edge there yesterday.

 The 5 min is just starting a slight leading negative divergence, it's still early though.

 The 10 min has lost some momentum, but is still largely in line.

 The 15 min is slightly negative today, but right now it's not horrible.

 The hourly chart is still in line.

 There was a recent dip on some volume, this 1 min chart shows a positive divergence, so there may be a consolidation off this or maybe a little bounce, or it may just be nothing. From the looks of what I see above there is deterioration starting, but not that far along and could still be in the realm of a lateral trading environment or pullback. You can see below the EUR/USD is very choppy and this will influence USO the most today.

Personally I don't feel comfortable shorting it, I don't see an edge in buying it and as far as holding it, I would probably reduce my risk and draw a line in the sand/stop level.