hmmm...

I posted this chart some time ago:
http://uidezine.blogspot.com/2012/02/new-old-ideas.html

see how now it hasn't changed much despite of equities blow off:

one can see:

• 42.09area has been respected ( the area highlighted on the first chart as well
• fairly high positive correlation btw instruments (long blue  area at lower chart)
• very low volume on  recent highs that came on high vol new highs
• USO was much more bullish since OCT bottom (rose 44%) and successfully closed Jan 01 gap, so one cannot argue is a laggard.
• USO might be consolidating over 39.74 but then again , the lack of correlation with equities is suspicious. Below 39.74 bears should have fun.

My understanding is USO and other commodities are not following this rally, they have topped already (ST wise) and is one input to take when it comes to assess current ST bull's strength.