USO Has Best Day in Over Two Months!

Yesterday there were two posts covering USO and ERX (Bull Energy 3x) "USO / ERX Long".

Until I started browsing charts, I didn't even realize that USO had its best day since 7/19, over 2 months.

The charts suggesting a bounce in USO have been coming together the last two days, but yesterday looked to be the day as I mentioned USO and ERX as a leveraged Energy long (+4.34%).

I wasn't crazy about the intraday trade in USO, but held on to the ERX long. After looking at the charts for both USO and ERX, there's a decent chance that you may be able to pick one up long on a pullback and see some decent upside gains. The longer term perspective for both is unclear right now, but I'd think there's a very worthwhile trade in both if you didn't get a chance earlier this week or yesterday.

I'll use USO as an example as both charts are similar.

 The short term 1 min in both was negative today, worse in ERX than USO, so there's a decent chance of a pullback near term, that may offer an opportunity to get long.

 The 30 min chart in USO seems to indicate it has quite a bit more upside so getting long on some short term weakness would seem to be well worthwhile.

The 4 hour chart is still very negative, so long term USO's outlook doesn't appear to look good, but we are talking weeks at least I would think and the underlying trade may very well improve.

For now, I'd be on the look out for any price weakness as an opportunity to look at energy/oil long for a decent trade.