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.

Upside Reaction in Oil, USO


Tuesday January 30th, 2007
Upside Reaction in Oil, USO
by Mike Paulenoff www.MPTrader.com
Although the US Oil Fund (AMEX: USO) closed right at its low last evening, poised to decline towards my optimal target of 44, Saudi jawboning and innuendo triggered an immediate upside reaction this morning, which has helped propel prices from under 45 to a new January recovery high at 46.65. So much for re-entering the long side at or below 44. At this juncture I certainly do NOT intend to chase strength, especially since in each of the last four sessions, the USO has traversed a $1.50 range. Let's see if today's $1.50 upmove has staying power and legs for the rest of today and tomorrow.
Take Advantage Of Our Free
7-Day Trial, $7/Month Offer!
  • 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!