Yes, USO finished flat, and perhaps that assuages any concerns of the oil bulls.
I just looked at the USO chart. The volume today was 232% of avg daily volume (I
checked at finance.yahoo). This is the highest volume total since the beginning
of the advance from $65. In fact, it is the biggest volume on record for USO.
What happened today? No upside movement on massive volume – this signals
distribution. Ultimate tops sometimes occur on the heaviest volume since the
beginning of the advance. Steve notes the intraday swing of oil. I can see from
the USO chart that today’s intraday swing is the largest since late March.
This is an obvious change in trading character: volatility up (the intraday
swing) plus the failure to advance on the greatest daily trading volume ever.

It is extremely dangerous to be long oil here. All bubbles pop and when this one
does, it will take down the prices of virtually all asset classes, including
stocks.

There are many who celebrate in anticipation of a sharp price drop in crude. I
do think the price of crude will collapse.

However there is a downside to consider. What the Fed fears most of all is
deflation. They are thus willing to attempt to inflate us out of this economic
crisis with rate cuts and easy lending policies through the discount window and
newly created auction facilities.

What we are witnessing is the greatest boxing match in financial history. In one
corner: deflation; in the other: inflation. Eventually deflation will deliver a
knockout blow to inflation, and we all will regret the result.

The price of oil will deflate, and take down the prices of all asset classes,
including stocks.

Oil had an almost $6 buck intraday swing..........that is a sign to me

I am in the "Todd Harrison" camp that says: you do not want oil to
crash (just temper a bit), because if it crashes it's going to take all stocks
down with it

Might be the start of Election year manipulation.Top news services spoon fed
choice information designed to create a calming effect on the populace.Stay
tuned, the games have just begun.