Whilst the broader market saw further chop, there was very significant weakness in Oil, The ETF of USO, settled lower by -5.2% @ $18.06. Despite the net daily decline, the mid term trend is offering a turn, with a floor of 15.61 (with WTIC @ $42.41), first upside target is $60.. which would likely equate to USO in the 21/22s.
I was expecting some significant weakness today, as the API/EIA oil reports both gave another huge weekly Oil surplus.
USO is already close to hitting the price gap zone of 17.70/50s. A weekly close <$17.50 would seem unlikely.
*I will consider going long Oil (via USO) in the $17.70/50s this Thurs/Friday.