USO Update...

We have several members that trade the EIA report just about every week, USO seems to almost always provide some gains on Wednesday as the report is leaked probably more often then anything I've seen. In any case, I've received several emails that several of you took USO on the break below that 5 min 10-bar moving average. USO only missed the gap by $.05 so it was pretty darn close.

Here's what it's looking like now. It would be nice if you were able to use the same moving average as a stop, if we don't get Euro/Dollar volatility you may be able to.

 There's the moving average I suggested for an intraday trade, like I said, missed the gap by $.05

 Here's the early positive divergence at the 10:30 release and it has done what was expected, remember this was positive when we started.

 It's continued to bleed through the longer timeframes as I was expecting/hoping.

And the 5 min just looks like it's confirming the start of the decline from yesterday.