6/18T Hedge & USO

Hedge: SPY, DIA, QQQ

I got the short right yesterday after the close as we saw a perfect sell signal on the 60. min. that occurs in unison with the overall negative signals of the daily charts. This morning we saw bad EPS news from MS & FDX and a gap down opening. I have increased the positions 3 times and intend to continue building.

USO:

Inventories are out and the data is a non event. I am putting this short on just for today as a type of hedge for the market shorts. USO looks on the daily chart like momentum is really weak on the most recent run to new highs and I'm looking for the gap to close, bringing USO back to $104. If the stock clears $109.64 we need to cover.

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