USO – United States Oil Fund

This one has made a great one week run and is currently stalled at a critical retracement level ($85.00). uso.jpg

Looking at its past, the down ride was an amazingly accurate run on my downside PHIb-X complete with a reversal at the XOP. Now you’ve got to wonder if USO has a little more downside to the current upside PHIb-X’s COP before making a run for the $100 XOP. Incidentally, look at where the upside XXOP is sitting … hmmm, makes for an interesting scenario.

I’ll be waiting for an entry if it breaks below $85 then I’ll take this baby up to the XOP for a short ride. Yes, I am expecting oil to start another run and there are lots of fundamentals to support it.

Happy Hunting!

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