I have placed an exit buy stop for my USO short puts at \$0.65. In other words, I've placed an exit stop for my long USO position.
USO tested the recent up channel on low volume today. Furthermore, NY Crude futures (QM) at \$53+ is nearing a long term resistance of \$55. So there's not much upside left in this. Thus, I've placed an exit stop just below an intraday support to take some profit. I'm just trying not to be greedy here. I'll write a more thorough analysis if this stop gets triggered today.
[caption id="attachment_1333" align="aligncenter" width="500" caption="US Oil"][/caption]
[caption id="attachment_1334" align="aligncenter" width="500" caption="NY Light Sweet Crude"][/caption]