USO Might be a Spec Trade (Brief Update of GLD/SLV)

GLD, although both it and SLV broke lower right after my post re: them, GLD looks more likely to see an intraday bounce which may provide better positioning if taking a long off the table or in setting an appropriate trailing stop. I'd think SLV would move in similar fashion, but it really isn't as F_E_D sensitive as gold.

As for USO, I've stayed away from it because of fundamental issues on the ground in Egypt that are impossible to predict, thus it makes an edge a hard thing to maintain, but there are some decent signals with the $USD having retraced about 50% of the post Bernie decline in after hours.

A rising $USD typically sends these assets lower just as a falling $USD sent them higher last night.

The only way I'd consider the USO position is if it pulled back to give a much better entry with less risk and the signals hold up or better.

The intraday Brent Crude Futures (different than USO / WTI) look like a pull back to the upside is probable intraday.

 This is the $USDX overnight with a beautiful 1 min 3C chart calling out the reversals and thus far even though it's only a 1 min chart, it is still leading positive meaning the probability of some further gains is high. This could turn out to be quite an event of this is more than just a retrace.

 This is the 1 min Brent Crude futures that seem to indicate a pullback to the upside is probable, it would take a pretty decent one and great signals and still it would only be a speculative position, but oil has a lot of froth priced in right now.

 Crude 15 min

Crude 30 min.

I'm not saying the primary leg of this trend is done, I just think a retrace which could be significant for a quick trade, is very likely. As far as the larger picture of this leg up, we'd have to see if divergences migrate to longer timeframes.

USO 3 min

USO 10 min

USO 30 min, the real constant is the accumulation zone, it's the same in all charts, it's not that large that it would normally support a move this far, but this is mostly risk premium from events on the ground in Egypt priced in.

I'll set an alert, if the position makes sense, then I'll take a look, keep an eye on the $USD as well, that's very material to Gold, silver, oil and really all commodities as well as whether the currency market (much larger than the stock market) believes Bernie or not.