It would be nice for oil complete it's profit taking process and let us be on our way to higher ground. Unfortunately it seems to be waiting on the FED announcement latter this afternoon. If the FEDs cut more than 25 points it would send the US dollar down thus sending USO and OIL up. That's not bad, but it's not picture perfect. Right now USO is hanging heavily underneath support at 70 with stochastic racing downward as can be seen in the weekly chart (Link 1). A break down here would likely send it down to solid support @ 60 in the daily chart (Link 2). From there it's up up and away. Well that's the scenario I want, but what I want does not matter, I will trade what I am given. The market is my master.
Link 1:http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=uso&time=20&freq=2
Link 2:http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=uso
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