USO Opportunity Play?
Posted on Tue 16th Jan, 2007 11:49:08 AM
Check out the latest channel that the United States Oil Fund (USO) has formed. It is pretty steep!! There has been alot of news lately about how Oil is being sold off which is true, just look at OIH, XOM, etc. to get a glimpse. But like anything the news talks up, this typically means the end is near. Look a the extreme volume USO has traded in the last two weeks, big positions are changing hands. As a short term trader, I am going to try and seek opportunity in this fund. Look for signs of this sharp downward channel breaking, and you may have some quick returns under your belt.
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