USO - United States Oil Fund ETF

Oil is forming a bearish consolidation/bear flag pattern after breaking down from a wedge. Soloway has a downside bias but is not currently short due to geopolitical risks in the Middle East. He previously shorted and banked profits with members.

Oil is in a converging wedge pattern building toward an explosive move. Gareth is watching for a breakout or breakdown by next Thursday/Friday. He notes geopolitical catalysts (Iran negotiations) could drive direction. He is not committing to a direction but is monitoring for the explosive resolution.

Expecting oil to drop to $60-70 by year-end due to political pressure from midterms, hot inflation data, and expectations of Strait of Hormuz reopening. Trend line break point around $94-95.

Nick notes USO is at 10-year highs since August 2015, driven by the Strait of Hormuz crisis. He discusses the oil crisis extensively as a macro risk factor but doesn't give a direct buy/sell recommendation on oil itself.

Oil is surging past $100 due to Strait of Hormuz situation. Soloway predicts a move to $100-105 (retrace to scene of the crime) before eventually falling back to $75 or lower once the situation resolves.

Speaker calls paper oil ETFs a 'trap' — they hold decaying futures contracts rolled monthly at a loss, not actual oil, and are far divorced from physical reality

Oil is expected to gap up sharply on Sunday night due to the Strait of Hormuz closure. However, Soloway notes oil previously had a topping signal and expects prices to get 'sticky' in the $75–80 range as nations rebuild reserves. He is watching for a potential shorting opportunity after the gap up.

Oil has broken below a major parallel channel support level. Soloway previously shorted USO and expects oil prices to continue declining.

Crude oil surged to $95, dipped to $89 on Trump's Truth Social post, then rebounded higher. Soloway notes a 'boy who cried wolf' dynamic where markets are increasingly discounting presidential posts. Oil is trending higher and sustained high prices are pressuring equities.

Shorted oil last Friday before the drop when others were calling for higher prices. Charts indicated oil was rolling over. Already profiting from the short position.