USO
Started by
hiker
, Nov 01 2006 11:48 AM
12 replies to this topic
#1
Posted 01 November 2006 - 11:48 AM
11/1 intraday
bearish configuration of the moving averages continues as the price decline is sustained
note the above average volume candles this week
rallies to the 21-day ema have been sold so far
#2
Posted 03 November 2006 - 10:56 AM
Nibble here or will it just dribble lower? I bought a little USO today. It looks like an ending diagonal forming here in the last month.
I'll look for a "B" wave up here to retrace the WTIC decline from $80.
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#3
Posted 03 November 2006 - 02:50 PM
John, I think that's a good play. Agreed on the "diagonal" feeling, and the decline from the high does look impulsive, i.e. further decline in a larger corrective movement is expected later.
I guess one could also count the whole move down from the all time high as a "C" with A and B having come earlier, originating at the prior top in April, but either way some sort of move up would look good.
Doug
#4
Posted 06 November 2006 - 05:16 PM
11/6
today's high is marked
closed today one cent above the 20-day ema, which has represented resistance since early August
today's high is marked
closed today one cent above the 20-day ema, which has represented resistance since early August
#5
Posted 07 November 2006 - 03:54 PM
Doubled my USO position on today's close here at $52.55. Oil is getting set for a move here and I assume it will a change of trend to be confirmed shortly.
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#6
Posted 07 November 2006 - 04:08 PM
thanks for the update, John. I am still flat USO.
#7
Posted 09 November 2006 - 05:56 PM
hiker,
USO broke up out of the wedge today.
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#8
Posted 09 November 2006 - 08:54 PM
How is the liquidity on USO ? Can you get out of a position with ease?
#9
Posted 10 November 2006 - 04:32 AM
colours,
The ETF traded on average + 2 million units the last 10 days. How much do you want to buy??
I don't think my 4000 units will sway the market that much.
The chart swung to a buy on the daily.
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#10
Posted 11 November 2006 - 10:58 AM
Nice conversation guys. I'm thinking about treating USO as if the bottom is in and either an ABC or a 1-5 is underway to the upside. Chase it down toward that 10-31 bottom with a buy stop just above each prior days high. If 10-31 breaks I'll back off. If a buy stop hits, slip in my own stop loss and hope there is more upside to come.
Maybe a cold winter, on-going opec cuts, etc will push it up a bit.
In the end we retain from our studies only that which we practically apply.
~ Johann Wolfgang Von Goethe ~
~ Johann Wolfgang Von Goethe ~