Oil is tricky to play Monica. On one hand, you have it coming into a lot of support (triple bottom), but you also have a crashing market and fear everywhere.
Fear means that it could fall past the triple bottom, as the market now views the economy as fragile… meaning less demand for oil. I'd pass on the USO for awhile. Too hard to read.
To me, it looks like it is time to buy USO. What scares me is that last time USO had a move like this, the market reached it's low on Feb. 5th. That would indicate we are done with the down move?
Thank you Anna!
Here's her screen shot…
http://content.screencast.com/users/Annamall2/f…
Anna just posted in OBB that she just seen a false print to Dow 98.63… Anyone else see it?
Don't worry – for now I am sticking with the SPY!
Oil is tricky to play Monica. On one hand, you have it coming into a lot of support (triple bottom), but you also have a crashing market and fear everywhere.
Fear means that it could fall past the triple bottom, as the market now views the economy as fragile… meaning less demand for oil. I'd pass on the USO for awhile. Too hard to read.
Ok – I guess i am off.
I'll post a chart later, USO blew through the same weekly containment pt. that $SPX needs to back test & USO did not gap above it this morning
To me, it looks like it is time to buy USO. What scares me is that last time USO had a move like this, the market reached it's low on Feb. 5th. That would indicate we are done with the down move?
And sense us men don't understand women… what does that say for your bullish call? LOL
Yes, could be, but it has to go down first.