ok, i’ve been so buried working on that completed trades spreadsheet that i almost forgot about the market.  well it didn’t take long for USO to hit my first resistance level (posted last night).  now let’s see if whether or not my primary scenario will play out.  keep in mind that i don’t highly favor this scenario, although as i stated last night, it is my preferred scenario.  what i am unsure of is whether the pullback (if it comes) will be very shallow and stop short of that support level noted below, which would then lead to a break above the resistance level that i have us turning down from here (R1) and another powerful thrust up to the next daily resistance area (R2). -OR- does USO drop back all the way to at least the support area that i marked, if not more?  for now, let’s just say that i am near-term bearish on USO/crude but i’ll be watching it closely for clues to the next move as all i heard when i turned in the idiot box today for 5 minutes was how oil prices were going to stifle this recovery that finally seems to be firmly underway (for those that haven’t read it, you may want to read these comments that i made a few days back regarding the corner that the fed has backed themselves into regarding any further continued stimulus to keep the recovery moving along).  the first chart below is the same USO daily that i posted last night.  the 2nd is today’s updated chart.