USO-FADING STRENGTH STILL THE TREND

Oil jumped today on news that two Israeli embassies were car bombed in India and Georgia, however, as has been the trend since the new year, fading strength in USO continues to be the theme.

 This morning's open and subsequent fade,

 Today's daily chart, thus far has kept USO within the down-trend channel, the Trend Channel on a daily basis is also still holding the down trend.

 An early lack of confirmation on the gap this morning.

This is the 15 min chart I posted Friday showing at least 15 different areas where strength has been faded since the start of the new year. We'll keep an eye on USO, but it seems that trend is still intact, even in the face of strong geo-political problems.