USO 120m Chart with analysis heading into seasonal top

Oil investors have enjoyed a nice rally through the summer of 2013. While we may have not seen the absolute highs, price seems a little heavy as we head into typically a seasonally tough time of year. While Oil fundamentals may remain relatively good (or even improve) considerable macro-economic risk is shortly on the way out of Washington. Additionally, the idea of ending QE programs seems to be gaining inertia too. Put it all together and I wouldn't be surprised to see a healthy correction begin in earnest once we are on the other side of the German elections (September, 12th).