![](http://photos1.blogger.com/x/blogger/3426/1040/400/12480/010407%20oih.jpg)
![](http://photos1.blogger.com/x/blogger/3426/1040/400/933718/010407%20USO.jpg)
![](http://photos1.blogger.com/x/blogger/3426/1040/400/809539/010407%20crude%20oil.jpg)
Here are hourly charts of February crude oil futures and USO, the crude oil ETF. Above these you will see a daily chart of the Oil Service HOLDRS exchange traded fund. I last commented on these markets here.
The charts pretty much speak for themselves. I think these markets have reached support and will now stage a brief, countertrend rally. After this rally the longer term decline should resume.
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