It's not secret I've been bearish on oil for a while, advising people sell oil short for months. However, with USO now holding for a few sessions above the 50 day moving average - the time to end those shorts has arrived. I don't know if oil will continue to rise, but I do pay attention to moving averages more than guesses and hunches. Watch that blue line for opportunities to re-apply a short position in oil. If the blue line fails once again, game on.
For now - HOLD on USO.
For now - HOLD on USO.