GDX, UCO/USO update 5/4

Commodities keep behaving oddly and without much love. As such tracking them is a rather tuff with lots of twists and turns that are hard to predict before hand. None is IMHO a good investment vehicle of choice right now: when in doubt stay out.

GDX: what was intermediate-b is now minor-b… due to break lower below the March low. Chart looks bearish with all SMAs pointing down and soon 20<50<100<200. Not a chart you want to long.

GDX

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UCO/USO: Correction continues and UCO is close to losing support, whereas USO is right at support. This is the best count we can provide, but a break below last year’s’ low means we’ll see ~$5 on USO and ~$10 on UCO. Neither chart is even close to suggesting one should be long oil…

uco 1USO