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USO 120M - last gasp into seasonal peak?

BATS:USO   UNITED STATES OIL FUND LP UNITS
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USO finally hit the long standing 200% range extension target with its latest push to new highs. Considering seasonality issues, it shouldn't surprise us too much to see this last move higher was on divergent momentum and seems to have failed to recapture a key uptrend line. After a sharp little pullback recently, a test of those highs seems realistic given momentum's short term stance and the fact that if this is indeed a significant top, some sort of 'M' or double top price pattern really should be in order. Regardless, current OTE buying levels are substantially lower than where we are at present. I for one shall be reluctant to be too bullish until we are beyond this historically tough time of year for asset prices in general and hopefully back into those OTE levels.
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