Taking a Shot at Some Relief; Chess Moves

Consistent with my last blog post, I went long UWTI , the triple-long ETF for crude oil, at $2.78 with a protective stop-loss below $2.60. The U.S. Dollar is selling some profit-taking today, and that typically should bode well for at least some type of relief for the struggling crude. As I have stated before, these levered ETFs are to be taken very seriously in terms of the risks associate with the instrument. They are gappy enough as is, so therefore stop-losses simply must be honored in order to avoid take a massive trading account drawdown. On the actual USO chart, seen below again on the 30-minute chart, bulls still need to hold over $17.35 in order to get the rally going.