USO Setup To Bounce Higher

The United States Oil Fund etf (USO) found good support at the 200 day moving average (red line) reinforced by several bullish candles and now sits at minor resistance  at $40.  A push above that would lead us to initiate a Bucket 2 trade with target near the 50 dma (yellow line).  

Exxon Mobil A Tell For Energy Sector

The energy sector has been an underperformer over the past two weeks and currently sits at an important support price level, if we look at the XLE etf.  For clues of behavior in the XLF I tend to look at Exxon Mobil(XOM), which currently also sits at critical support.  A break below and price could […]

Oil Looks Ready To Break Higher

After consolidating for several weeks now, Oil is up and rising again…and this time could try to break higher and above resistance. Looking at the oil futures (light sweet) contract itself, resistance is at $107.  While volume leaves someting left to be desired on this most recent up-move since mid March, it does look healthy […]

Morning Update, SPX, Metals & More

  An early selloff led to a classic intraday double-bottom and ended up with a rally.  On the S&P500 daily charts we now have the 50 dma and the critical $1300 right here and looking at the overnight futures (up 0.75% right now) we might open above those two key levels.  Whether that ends up being a […]

Oil’s Pullback So Far Is Healthy Consolidation

Despite all the headlines oil's 7% drop has made this week, oil thus far still remains above the $105 level where it broke higher from in late March.  As discussed in today's Morning Line-Up Newsletter however, I would not be a buyer here until I see price stabilize.  My long target (i closed my longs […]

Early Monday Apr 11: Weekly Newsletter, Video & more

Good morning folks Hope everyone had a great weekend and is ready for the beginning of earnings season.  In overnight action so far equity futures are up around 1/3 of a percent, silver up, gold and most of all oil are down. I sent out the weekly newsletter late last night. Sign up here if […]

Morning Line-Up

Good morning and happy Friday! After a fairly flat broader tape yesterday, we rise this morning to most things, dollar and treasuries aside, trading at higher prices.  The Euro continues its astonishing rally on the back of the rate-hike the other day.  Gold, silver, oil, and stocks are all up solidly ahead of what looks […]

The ‘USO’ Oil ETF Has Major Resistance At $42.30 for Now

The 'USO' Oil ETF has major resistance at $42.30 for now.  I am taking some profits here but do believe prices could rise much further after some consolidation.  Keep this one front and center as it's likely to move the market for some time.

One Chart To Sum It All Up

The thing to remember about today's trade is that A) the world is interconnected by the banks and derivatives and B) that many more institutions and individuals these days own multiple asset classes.   Regarding point A, this means that the mortgage default in Florida affects a Swedish bank as much as it could affect […]