Trade Update: USO OIL

We are out of the USO for now having bought back @ 71.74 the 50 shares sold @ 68.74 for a loss of 3 x 50= 150 dollars. The risk of short covering was too great to be so heavily committed to the short side. I will consider entering the USO on the long side only. Right now you should still be short 1/2 of a position OIL from 53.58. I will add to the short OIL if it breaks it's nearest support @ 50, from which 45 would be likely. You can see from the chart in Link 1 the clear down trend channel the OIL is in. I expect it to go below 50 to at least 45 in the next two weeks or so. But what I expect does not matter the market is my master.

Here is an accounting of the USO OIL trade so far

Sold USO 25 shares @ 70.23 bought 25 shares @69.50 , profit 25*(-.73)=-18.25 or 1% loss
Sold USO 25 shares @ 68.74 bought 25 shares @70.50, Profit 25*(-1.76)=-44.00 about 2% loss
Sold USO 50 shares @ 68.74 bought 50 shares @71.74, Profit 50(-3)= -150.00 about 4% loss
Bought 50 shares OIL @ 52.16 sold 50 shares @ 52.25, Profit 50 *.09 = 4.5 about .1% gain. Should still be short 50 shares USO

Link 1:http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=oil&sid=0&o_symb=oil&freq=1&time=8&x=41&y=17