I will also add that USO has run smack into the top of the resistance zone that I had highlighted recently. That R zone runs from about 12.45 to 12.65 (top of the big May 23rd gap, with USO trading right there at 12.69 as I type. My best guess is that unless things really start to get heated up in the Middle East (US is blaming Iran for the attack & most planning retaliatory strikes with Saudi Arabia), then crude is likely to pull back from at or around this level soon. Just my best guess but my convictions aren’t high on where crude goes from here although if it builds on today’s gains & clearly takes out 12.65, next resistance/upside targets would be 13.20 & then 13.55.

https://www.screencast.com/t/3qEzbx0TIJ40

I am in USO as of last Thursday (and tried to catch your original bounce targets). With the drone attacks clearly mucking up the technicals are there any new price targets, I see this as an opportunity and don’t want to run out too quick and at the same time don’t want to be caught as the price drops.

The typical correlation between oil & the stock market due to ebbing & flowing economic growth expectations doesn’t apply to last night’s pop in crude as that was 100% driven by the drone attack on the largest oil facility in Saudi Arabia & has a direct (albeit temporary) impact on the supply of crude. If anything, while a net positive for crude prices, I view the attack as a net negative for the stock market due to the increased geopolitical risk in the middle east including US-Iranian tensions (US blaming Iran for the attack).