Tuesday, April 17, 2012

USO Follow Up

 Here's the USO Calls I just closed out at nearly a 15% profit, I tried to add 50 yesterday which would have been a very nice profit, well above 15%, but as you know they didn't get filled.


 USO broke support yesterday, that's where I tried to add 50 more contracts to the 25 I already had. I said yesterday I thought USO would consolidate just below resistance before blowing through it, that is exactly what it did.

 late yesterday USO accumulated for today's move.

 Price is in the area of the 5 min leading positive divergence, this isn't why I decided to close them though, they were much higher priced than the calls I should have picked up yesterday.

Plus the Dollar is gaining some early morning strength as has been the recent trend, usually this fades off after the European close, so I'll take another look at USO around noon time to see if it looks worth another shot with more calls.

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