OVernight and in to the open

As was first mentioned yesterday as oil fell and then bounced up, I suspected oil would drop again to an area that it may be accumulated, we only saw a little of that action in USO yesterday after the crude oil plunge of 5% . Sure enough, overnight action in Light Sweet Crude futures has gone from a bounce up to bringing crude back almost to where it closed yesterday and USO will open almost where it closed erasing the bounce gains and putting crude back at a position in which it can be accumulated, we will see if it is, my thought is that it would be at least for a return to Friday's levels.

Overnight Crude Futures.

 The vertical arrow is the 4 p.m. close as crude retraced a good portion of the drop after that, then a negative divergence set in taking crude lower the rest of the night.

Here's the second half of the chart bringing crude futures within $.30 of their close yesterday and notably forming a relative positive divergence.

I see USO just opened $.04 from its close yesterday!

ES...

ES (S&P Futures) dropped around midnight and the European session *small green arrow) remained pretty flat and dull. There was a relative positive divergence at the 4/5 a.m. lows and ES has been largely in line since then as it gains some ground, not enough to beat off the gap down in the SPY, but opening action is volatile and full of game playing, with light volume we could see some big moves like yesterday in crude.

We'll look at the open shortly, I'm going to browse some charts.

I see GLD opened slightly higher... That's always an interesting place to start. AAPL looks a little volatile off the open.