USO Position management

Our speculative USO call position entered Friday December 12th, Trade Idea: USO (Speculative Options) Jan $22 Calls based on these charts, USO Charts is in the green, more so earlier today.

I suspected a rebound in oil and energy stocks would accompany any move in our larger IWM/market expectations and thus far it has as part of today's Most Shorted Index short squeeze.

While I don't have any intentions at the time of taking gains from last Friday's call option position out to January standard calls, I do want to quickly update the charts.

 Note the daily volume the last 2-day, a change in character.

I do not think this is a trend change, but a decent trade.

The 15 min positive divegrence after what looks like an exhaustion gap.

And the short term timing charts...

There's some light profit taking, but it still looks like further upside.

And the Trend Channel has broken the downtrend since the gap.

I'll continue to hold for the time...