Based upon data and the continued negative sentiment regarding oil supplies.
I believe USO will continue degradation.
The first short target is 11.02 and the second is 10.46.
March Puts at 12.00 are in play.
I expect a bounce at .686 Fib and then continued downtrend until capitulation of oil rigs in the fall. I expect crude to succumb to pressure until 55bbl is reached. The Oil Rally is over.
I believe USO will continue degradation.
The first short target is 11.02 and the second is 10.46.
March Puts at 12.00 are in play.
I expect a bounce at .686 Fib and then continued downtrend until capitulation of oil rigs in the fall. I expect crude to succumb to pressure until 55bbl is reached. The Oil Rally is over.
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Overall Crude is reporting lower this AM. EIA data 1030 ST. Last nights API data is bearish and is usually more optimistic than EIA data. News at 1030
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There is an unexpected bounce in the numbers, which are awful in my opinion. There is a massive build of crude and gasoline. However, distillate was down and that may be the reason for the bounce.
Still long the puts.....but watching the action through Friday!
Still long the puts.....but watching the action through Friday!
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This had a small uptick with bad news...go figure. However, builds will still occur and March and April puts are still ITM
