S&P500's 850 level is still holding up this morning. So I'm adding to my longs with this energy play. I'm at 75% longs and 25% cash now. This USO position is intended as a short term play with a tight stop.
The chart of crude oil is looking good. Now that the world realizes we aren't coming to an end, commodities and global trade plays should bounce back from their oversold levels. At least that's my rationale for choosing oil.
[caption id="attachment_1049" align="aligncenter" width="500" caption="mini Crude Oil Future"][/caption]
Here's a chart of the ETF for a better chart read.
[caption id="attachment_1050" align="aligncenter" width="500" caption="U.S. Oil Fund ETF"][/caption]
However, I chose the similar UCO instead of USO because it's cheaper on the per share dollar value. The two should be highly correlated. As you can see, the UCO ticker doesn't have much history. So I just use the USO chart for analysis and trade with UCO.
[caption id="attachment_1051" align="aligncenter" width="500" caption="ProShares Ultra DJ Crude"][/caption]
Stop: \$10.30, hard stop.