The event risk is still there for UO, but so is the FX legacy arbitrage divergence, so I figure they even each other out, but now we have some negative divergences, that tips the scale for me toward a bearish position or a put.
USO 3 min trend has weakened a lot today.
A closer view including a positive from Tuesday
This negative divergence is migrating to the 5 min chart as it should, it appears to be distribution of USO.
The 15 min chart is leading negative
Finally the white line representing the Euro should be tracking USO, or rather USO tracking the Euro, this suggests a reversion to the FX mean, or a move down in USO. I'm going to look at some puts.
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