Filling the Gap

As promised, once the crude oil ETF declared it would not hold its gap higher entirely from a few weeks back, I sold my long position in black gold yesterday in 12631 to maintain a win on my core entry.

With the bullish breakaway gap thesis now by the wayside, the issue becomes whether this is a mere shakeout or instead some kind of type.

I am inclined to think the former, given that crude is holding the lion’s share of its gains since the spring.

I will be looking for another long entry next week if USO attempts a move back over $39.

A close under $37 would put this idea on the back burner.

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