USO Update

I'd really like to add to the USO equity portfolio short and maybe to the puts, I'd just really like to see USO a tiny bit higher. If we don't get that, I feel ok that at least I have decent positions in both the equity and options model portfolios in USO.

Speaking of the Equity model portfolio, you may recall that I decided to keep all the core shorts open at the June 6th low and hedge them with ultra-longs, I can't really run the model portfolios the way I'd like, it's more to keep track of positions, I simply don't have time to figure out the risk management/position sizing, keeping up with expirations, etc as trades in either are my last priority, my first being to all members, my second being answering you emails of which I normally get 50-75 on an average day and a lot more on a busy day and my last priority and least amount of time I have is to run the model portfolios, but I made some pretty good guesses on position sizes of the hedges and perfectly hedged the core shorts from the June 6th low, if all works as planned, it should really work out very well.

In any case, I'm looking for the same thing in USO that I was looking for in the market and individual stocks, that head fake move that creates a little pivot.

 USO is above or has been above the July highs, that's a possible area for a head fake move, but recently the last week or so there's been an obvious range, I'd like to see a little move above that range if I'm to add to USO. I like the way the charts look for USO, I guess I'll just be patient being there's a position started and hope I get the opportunity.

 USO's 3 min intraday chart looking horrible here.

 However it's these longer 30/60 min charts above and below that really have my interest.

I'll be setting some price alerts as a move like this could come very quickly and end just as quick, if you are interested in the same as me, I'd suggest setting price alerts if you have the ability.