Lately, every permabull out there has been promoting every possible reason that oil will keep climbing from here and take the stock market higher with it. The reality is that the USO chart is projecting a different outcome because of the head and shoulders topping pattern that has just about reached completion.
There have also been multiple sources showing that the net long exposure to oil has actually decreased during its big move up confirming that it was essentially all short squeeze.
Trade well my friends
Alan
