DIG

Took a couple of trades in USO and QLD today. USO was a scalp short, QLD was a counter-trend trade and I missed the money move down b/c of distractions.
Anyway, I was looking at DIG today; Ultra Oil & Gas ProShares. Looking at USO, as a proxy for Oil, it looks to have found solid support at it's 200 Moving Average. With that bullish affirmation in USO, looking at DIG (ProShares Ultra Oil & Gas) we see a momentum divergence taking shape, with a small bullish flag leading the initial move up and out of resistance (the $83 level). We could possibly anticipate a move up to test the first level of overhead resistance at the 50-EMA (or $92.60-ish). One might also take a look at some of the issues held in DIG (including OXY, SLB, XOM). With that being said of Oil's potential move up from here, check out Corey's post over at AfraidtoTrade for his analysis at the Dow and the recent non-confirmation rally we've had.