Alert: USO OIL

I am going to have to make up my mind weather to cover the short position on USO before the close. The last half hour will tell. I'm incline to say no as the buying volume above half a million shares the average daily volume. This spike in volume is partly shorts covering and new suckers getting welcomed to the long side. With wanton willing of the FED to manipulate the markets though it might be too dangerous to stay short. Today's move by the FED was not the result of all night brainstorming, it was planed well in advance, they faked the marker out with a less aggressive rate cut , then shocked it overnight with a more a De facto rate cut. A nice one two punch,but it's no surprise to the insiders. Let's stay short USO. default