Today's one of those strange days when just about all asset classes feel the pressure: equities, bonds, oil, gold, commodities.

The pressure in equities represents some light profit-taking in the aftermath of a vertical advance. The weakness in bonds continues to reflect renewed economic strength, and stubborn fears of inflation. I suspect that the weakness in commodities is a reaction to the acute back-up in longer term interest rates from 4.48% to 4.90% (a negative for commodities), as well as some general commodity liquidation to raise cash levels across a spectrum of positions.

Let's have a look at the USO (U.S. Oil Trust), to see if recent and current weakness has damaged the heretofore promising chart picture.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.