Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Oil Testing Support

Instead of accelerating to the upside above 51.50, the US Oil Trust (AMEX: USO) reversed and now is pressing towards a test of near-term support at yesterday's low at 50.71. While today's whipsaw action is disappointing, in and of itself, the weakness has not inflicted meaningful damage to the near-term chart pattern. Only a break of 50.70 and the three-month support line at 50.50 will start to compromise what my work indicates is the start of a new upleg destined for 55.
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!