The volume on USO has increased by 3 fold over the last two weeks. As usual next Wednesday will be the real test to see how true is this move tied to the fundamentals.
XOM is approaching the top, perhaps 1 or 2 more days to rally. It is not time to open short positions until it rolls over.
If I were to play any intermediate longs, I would do that through CVX because it has some more room to run.
GS seems like a good short in the morning, only to squeeze off the bears later in the day. This stock has the ability to correct itself within a day. The best indicator now is the overall market sentiment.
Technically, GS can still hit 88-89...with similar intraday correction in play next week. Very tricky to go long or short...you have to be really fast! But most of the time, the Bulls make most of the money...so don't fight the trend.
IWM is showing some signs of flattening due to profit taking towards the end of the day.
The VIX seems to be attracted to the 39 - 40 level, indicating that most traders still fear something and are taking some profits of the table as we head into the weekend.
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