Wild Range in Oil

A wild $1 range today in the US Oil Trust (AMEX: USO). At one point this morning, after the DOE data were released, the USO plunged to a new reaction low at 47.59, breaking the 5/29 low by $0.04. But there was no downside follow-through, and instead of additional weakness the USO has reversed with some power and climbed to the 48.55 area -- leaving behind a potential intraweek double-bottom. Further strength above 48.80 will indicate that a near-term low has been established, which should trigger upside acceleration toward 50.00 thereafter.