USO Quick Update

The speculative USO position entered earlier this week, Trade Idea: USO SPECULATIVE (Long) Bounce, somewhat like GLD (reasoning for spec. position size and what would be necessary to add to at a larger/full position size), appears to be improving.

Remember the $?USD legacy arbitrage in which $USD denominated assets tend to move opposite the $?USD and then recall yesterday, the day before and today's charts and updates that the $USd.JPY carry funded bounce seems to be ending with divergences in the $USDX and the Yen futures.

In this case the $USD/JPY is not as important as the $USD, however if the USD/JPY is to lose ground, it only stands to natural reason that the $USD loses ground and the legacy arbitrage assets like oil, benefit from the weaker $USD.

There are also some improving USO charts intraday as well. This is more of a heads up so you can take a look for yourself, but I'll be updating USO shortly as long as nothing more important pops up first.