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Tuesday, August 24, 2010

Going long USO @ $31.93

The UUP found resistance @ the daily 50-SMA and formed a bear flag intraday.
Bear Flag:


I'm long USO @ $31.93 after it pulled back into double bottom support. Dollar down=Oil up.
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2 comments:

  1. Minerals LiberiaAugust 24, 2010 at 1:10 PM

    Oil is going down a bit more....will enter long around $68

    Big traders are freaked out but will step in and buy hand over fist...however we only run back to 73-74

    Then all hell breaks lose...not sure what next. Deflation or Inflation

    Money needs to go somewhere and its possible we have a repeat of 2008 when oil moved up to $144

    ReplyDelete
  2. yourfinancialbloggerAugust 24, 2010 at 1:53 PM

    I agree. Although my longer-term outlook is inflation, I do believe we have just entered a deflationary environment.

    I am seeing bearish setups in oil on its weekly chart, but it has fallen 10 of the past 11 days into decent support. That is why I am looking for a 1 day bounce. Good Luck!!

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