USO Update

USO was featured several times yesterday and I opened an equity short in USO yesterday, I may consider filling it out on intraday price strength and 3C underlying weakness.

 Today's gap down and an apparent effort to fill the gap. Does anyone remember several months ago when EVERY gap was filled? The market was VERY diligent about filling all gaps. Gaps are still being filled now, but it seems to be more because of extreme volatility rather than the need or desire to fill gaps, this might be something we want to keep in mind as it could be a tactical advantage.

 This is the key USO chart for now, 15 minutes. I could go out longer, but event risk makes longer range forecasts much less reliable in USO than in the market in general. This chart is severely leading negative-note the Aug 2nd accumulation we saw last Thursday as well, it seems it was used to get the market/USO above recent resistance, the head fake move that precedes reversals? It's looking more and more like that.

 1 min intraday looks like USO wants to fill the gap, if these charts go negative around the fill, I may add to the USO equity short and may even consider an options put.

The 5 min chart is leading negative and not seeing the strength of th 1 min chart migrate to this chart, at least not yet and I'm guessing it won't.