March 9, 2007


Finally, USO, the oil ETF is shown above (click to enlarge). Even though I'm out of the ETF, I tought it interesting to take a second look. As per an earlier entry, USO's bullish move looked cooked right below resistance at 50 but then it had a second wind, made it durably above 50 and now has 55 in its sights. It's now trading a bit above 51 so that a bullish strategy with a stop just below 50 and a target just below 55 seems reasonable to me.

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