Thursday, January 12, 2012

Interesting USO behavior

 USO selling off on some volume, totally ignoring the FX correlation. As you know, despite the geo-political environment, I've had a bearish slant toward USO/Energy because of the 3C charts. I haven't seen any crude news responsible for the sell off.

 However 3C has been quite negative on USO on this 5 min chart...

 More importantly, the 15 min chart is why I have been leaning bearish on USO, despite what common sense would say.

XLE 15 min has been quite negative as well.

I like to see if there s some catalyst behind the move, 3C has been negative, but this is a sharp move and against the FX correlation

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