Good Ol Black GoldBased 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.
