USO Update

 USO's last 2 days of performance have been lackluster and trailing the S&P.

 I said I would hold my Oil shorts unless something major happens or a new high is made, thus far it seems the doji star reversal has provided resistance.

 The USO 5 min chart doesn't look very strong here.

 The 10 min chart shows an obvious divergence at yesterday's opening highs.

 And the 15 min chart remains very negative in a leading divergence, the reason I have been willing to hold despite all that's happened in the middle east. It could be that China's pullback in manufacturing could effect their consumption of oil.

 The 5 min SCO (Crude Short that I'm holding) looks like it want to bottom here.

 As ugly as the USO 15 min chart is, the SCO 15 min chart looks great.

As does the 30 min.

For now, unless something changes here or my stop is hit, I'm going to trust in these charts and stay short crude.