Update on oil, with quick comments on gold and bond also

Oil's up today, as measured by this chart of the exchange-traded fund USO (which didn't trade yesterday as the US markets were closed). We'll see if the reverse H&S idea will play out from here:



Perhaps in tandem, gold is also up - this chart of GLD doesn't have the trendlines I've placed on the $GOLD chart (which doesn't update for me during the day) but it looks like GLD is testing close to the upper downslope trendline I mentioned in my recent gold review here [but there's still some room before it touches up to that trendline] (and, gold is now also around its 200 day moving average). My review of gold here recently has more in-depth discussion for the outlook on gold:

This TLT chart is showing that bond shorts have hope again that bonds have topped out - we'll need to see whether this second loss of the upslope channel trendline will result in it also losing the prior support shown by the horizontal lines. I'm still cautious here - consistent with what my VIX chart's showing, and my review of gold as well as bonds review (also posted here recently). As for how it relates to the long-expected rally in oil - that warrants a separate discussion, but for now I'll say that oil and bonds don't necessarily have to move inversely (still - being careful about both oil and bonds):