View for the week on $USO $OIL crude oil

Looks like bulls gave up $77 to go back into $76.50 distribution VPOC, though responsive buying did take place around $76 even

We think that, based on the $TLT $TNX bond spreads and correlation regimes, there should be an oil rally coming

Which would also confirm the $XLI $XLE manufacturing breakout and push $DXY dollar lower

Of course there's also confirmation in $IVE / $IVW spreads (value vs growth) as to why oil should start coming back up

We've given you our top picks in drilling inside our newsletter, with $RIG being one of them 

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#USO #OIL #TLT #TNX