Monday, August 20, 2012

USO Interesting here

USO might make for an interesting short or add to position right here...

There's a chance it fills the gap, the market had been very diligent about filling gaps last time things got wobbly, but even here it's looking like a very interesting candidate.

 I believe the longer term charts were in the last update, so USO saw a little intraday bounce from a rather weak relative positive divergence, this is pretty normal intraday volatility especially earlier in the day, but is providing an interesting entry here.


 As you go through the longer intraday timeframes, there's no strength there, no relative positive even on the 2 min.


3 min in line, with the longer term charts ugly, they'll act as an anchor.

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