Well they are just charts and I comment on them using what I have learned about technical chart patterns etc. What I wish for or believe the market really doesn't give a damn about. If nothing else they are cheap entertainment. But while most traders focus on being "RIGHT" all the time making money trading really has little to do with being right. It is and always has been about managing a trade and your account. You could throw a dart at a chart and buy at that spot and if managed correctly could make money. Easier said than done of course because we all have an ego that needs to be stroked and dealt with and hate to be wrong despite knowing this. A lobotomy might be the answer for trading. But the old saying "cut your losses quickly and let your profits run" works. So any trade I have that goes against me and puts me underwater I dump immediately despite what I think and believe. And yes they usually turn out to be correct and I have a small loss instead of a profit but it is still the best course of action to take. You only need one or two trades to really go against you hard to wipe out a trading account. And the worse it gets the less likely you will sell thinking you can't afford to sell so low. While that is nonsense it is the way the mind thinks. So if nothing else dump losers fast regardless of your opinion and never ever hold onto a losing postion thinking "It'll come back". That is denial as the mind is refusing to accept being wrong and humoring itself.

Enough lecturing: You can't complain if you lose money now,lol. Here is the USO you were asking about. It tracks the $WTIC closely most of the time. I have overlaid the large cap Oil Stock ETF:XLE and as you can see XLE tracks USO but with a much higher beta. I also checked the ETF:OIH Oil Services ETF and while it also tracked USO closely most of the time it began underperforming USO and XLE from the Oct low onward for whatever reason and continues to underperform. Bottom line Crude is correcting mildly in a period of seaonal weakness that is from Oct into mid Feb. Crude has shown tremendous strength during this seasonal weak time frame. The seasonal trend from mid Feb to mid May is strongly up historically. The price pattern is still bullish but correcting back. This is a Stockchart chart with colored Elder Impulse bars. Green is bullish, blue is correcting and red is falling. Technically pulling back to 36 would have me interested especially if the price bar turned to green from red. A confirmation of a breakout would be clearing 39.50 roughly. That would suggest a huge rally forward with such a bullish long term price pattern. So those are the two numbers to watch. And as I mentioned in a previous post watch the CCI 20 indicator. Notice how well it catches those price lows as marked on the chart with vertical blue dotted lines. No holy grail but a reliable oscillator if I ever found one. Especially when showing postive divergences when under -100 to -200. Crossing back up over -100 with a recent low is a very good heads up on a price rally of some degree.

See chart link bottom left of post: