USO Update

For those who may still have what started out as a day trade on Wednesday in USO on, check out this update. Longer term positions may be interested as well.

 USO's opening trade this a.m.

 The bigger picture.

 Short term there's a positive divergence suggesting a bounce.

 Longer the 15 min chart is leading negative.

And the hourly still looks horrible. You can see in the smaller red box how much ground the 60 min chart lost yesterday, that's pretty significant.

If you have a short term (what started as a day trade on Wednesday) position and are looking for stop ideas, just email me.