Oil up, stabilizing?

Yes, crude oil was up today, and seems to be stabilizing. Yesterday's bearish reversal was unnerving, but didn't break through any support levels. Lent pointed out that the concave pattern that has formed over the last week resembles a pattern in the Dow and S&P that formed in late October 2005. After breaking out of the concave pattern, the general market took off on a bullish run that has just begun to slow. Bullish indicator? Possibly. The question remains: if oil does break north, how high will it run without any serious fundamental (read: geopolitical) inputs?

Tomorrow morning the weekly inventory report comes out. I'm hoping for a surprise on the higher side, resulting in a selloff and perhaps a test of the support. Assuming this happens and the support holds, I'll be doubling down on USO.

Unnecessary Disclosure: I am currenly long USO.