d.jay.h
Short

USO BREAKOUT FAILURE

AMEX:USO   UNITED STATES OIL FUND
USO backing off those highs. This rally could last two weeks; and I would still stay short. Something's just not right. The '08/'09 WTI lows are technically irresistible. And USO has depreciated from rollover since its inception.
Excuse the theatrics; however, in many a technical sense, tomorrow is crude's Rubicon. was 2/3/15 a fluke or the beginning of renewed interest? Technical traders will define tomorrow. Fundamental traders may be blaming the 2/3/15 pop action on 13% cap-ex decreases in two domestic E&P's. Don't get me started...

As with every technical maginot line, tomorrow's CL action will either make or break fortunes mercilessly; or frustratingly traipse aimlessly through no-man's-land and frustrate the hell out of everyone.
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I'll admit the volume is impressive. But how many bids were due to cascading short-covers, HFT activity, and day-trader frenzy? Moreover, prior to the 2/3 open, I see the textbook 2/2 after-hours, 2/3 pre-trade, gap-ups which scream quant-algo's pumping relatively low-volume, illiquid CL contracts with abandon...
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Ultimate Oscillator divergence I forgot to draw in. And the Fisher looks exhausted. However, this is only a 1-minute chart, of course
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