Oil could very well be making a bottom here. The USO etf I bought yesterday had some problems today. Down hard on big volume relative to many other markets. As I type it is up 2.5%. Perhaps a capitulation new low fake out happened today. I did not bite and hold in all accounts as part of Hope-o-rama '09, along with, so far, EWS (Singapore) and a few other positively correlated things.Of note is the fact that WTI crude has already triggered by MACD, as has another etf, DBO. USO, apparently due to its negative 'roll' in futures contracts, has had a more difficult time. See this very informative article from SeekingAlpha for an explanation of the differences between futures contracts, etf's and etn's... As for USO, "it must periodically sell its existing futures holdings and roll its exposure to a futures contract expiring in a more distant month."
