Based upon data and the continued negative sentiment regarding oil supplies. I believe USO will continue degradation. The first short target is 11.02 and the second is 10.46. March Puts at 12.00 are in play. I expect a bounce at .686 Fib and then continued downtrend until capitulation of oil rigs in the fall. I expect crude to succumb to pressure until 55bbl is reached. The Oil Rally is over.
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Overall Crude is reporting lower this AM. EIA data 1030 ST. Last nights API data is bearish and is usually more optimistic than EIA data. News at 1030
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There is an unexpected bounce in the numbers, which are awful in my opinion. There is a massive build of crude and gasoline. However, distillate was down and that may be the reason for the bounce. Still long the puts.....but watching the action through Friday!
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This had a small uptick with bad news...go figure. However, builds will still occur and March and April puts are still ITM