Keep An Eye On Oil

We are seeing strength this week which can most likely be explained best by end of the month mark ups. This market remains very unpredictable at current levels.

Today oil saw volume and USO may have turned the corner. It is projecting some type of bounce here. If recent oil trading history can be a guide buyers may move back into this sector aggressively.

If this does happen recent strength in the broader market is questionable. We recommend keeping very short time frames on your trades here and be very impatient if trades don’t do what you expect them to do. It’s better to bail out of bad trades early than hold and hope as prices get chopped up again.