CRInvestor

Oil is pointing higher but looks tired

BATS:USO   UNITED STATES OIL FUND LP UNITS
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Crude oil prices (as measured here by the ETF - USO ) have been on quite a bullish tear through the first half of Q3'13. Longer term models suggest substantially higher prices could very well be in the works. However, the most recent move higher came on a very poor momentum reading. Indeed, the enter move higher over the past week further confirmed a bearish momentum divergence. While I do want to be long energy, I am going to cool my bullish enthusiasm until momentum can clean itself up a bit.
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