2pm update - afternoon slumber

Equities have seen a touch of weakness, but still a clear 10pts above the morning low of sp'1939. A net daily gain still seems probable. Regardless of the exact close, most indexes are set for sig' net weekly gains, which certainly keeps the door open to further upside into the FOMC.


sp'60min

Summary

Little to add... on what is increasingly a quiet end to the week.

You could argue price structure is a bullish pennant on the hourly cycle... with the sp'1980/90s due by next Tue/Wed.


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*I remain long USO.. which despite a bearish open.. has recovered rather well... helped by the latest RIG count data (net weekly US decline -10)

Price structure for Oil (and most energy stocks) remains a bullish pennant/flag.. and USO should at least see renewed upside to the 16s within the near term.
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2.14pm.. EXITED DIS-long, from 103.70s....     minor gain (9%)

.. that just leaves  me with USO... which I'll hold across into Monday, unless there is some bizarre spike higher into the 15.00s before the close.