Crude Oil - Upside Target For USO

Crude Oil is really beginning to accelerate to the upside here. As you know I've been mega bullish on oil and have been expressing this view just about every week since last February. I just wanted to post the upside Inverse Head And Shoulders target for USO in the above chart.

Last week I scaled out of half my long position at the 200 day moving average and I continue to hold the remaining position looking for that upside target of $42 to $43 for USO. We'll see if the rally continues.

Watch This Market - Update

A week ago I posted a chart of copper along with my analysis as to why I was watching this particular market. As you can see in the above chart, this metal has broken out of its symmetrical triangle and is now beginning to make a move. The ETF for copper is JJC which tracks the movement of copper perfectly. The volume is a little thin but still worth trading in my opinion given the strong technical chart pattern of a symmetrical triangle.

Stocks Break Out Of Range

Stocks surged today breaking out of its 4 week trading range. If you recall I was very clear about watching the 880 level before doing any shorting. As you can see, the S&P never took out that 880 level so there is no reason to be short this market. Waiting for confirmation is critical to my trading and the above chart is a good example of why I let the market prove me right before I get involved.