Russia and All Her Might

To cap off a week full of whipsaws in crude oil, the USO ETF has now flipped back to red after shooting higher earlier in the session. A few days ago I put on a day-trade short but stopped myself out of the trade in light of the lack of follow-through lower. 

And now we have a lack of follow-through higher, for that matter. Earlier today, I noted for Members that the weakness in the energy stocks, XLE OIH, and especially CHK, was a cautionary sign to not getting too bullish on USO, just yet. 

And, yet, the oil-sensitive Russia had a great week. On the RSX ETF daily chart, below, Russia is now actually overbought headed into next week, at its upper Bollinger Band, adding to yet another divergence worth tracking. Brazil, also, came on strong to close out the week, also overbought in the context of ongoing bear markets trying to prove any semblance of a bottom.