The opening post is coming, but I wanted to get USO out before the EIA.
It's Wednesday, that means at 10:30 as always, the EIA Petroleum Status report will be released. As mentioned yesterday, we had a run of reports that were obviously leaked and created trading opportunities either before or just after the release.
Here's what USO looks like as of this a.m. in front of the report.
On the open 3C 1 min did not confirm USO's small gap up.
The 2 min chart didn't confirm it either.
The 5 min chart as of last week was developing to look like USO was getting ready to bounce, however the NYT article over the weekend that proved the Chinese slowdown many had suspected, but China kept under wraps, certainly changed the character of USO as of opening trade this week. Right now I'd say the 5 min chart looks neutral with a slight bias to the upside as the current reading is leading positive.
The 15 min chart also has a slight bias to the upside.
I don't see a strong pre-EIA trade as of now.
We'll see how USO reacts after the report and if we get some signals for trades here.
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