One of the biggest oil ETF UWT on the market ceased trading on april 2, 2020 and been liquidating since end of march Now is the liquidation UWT reason oil crashed to $20/barrel and caused of the volatility in oil trading or was it cause by Trump meeting and saudi and russia deciding to pump as much oil as they want. and no supply cuts. after april 2. oil jumped 50% in two trading sessions. from $20 low in Wednesday to $29 on friday close or afterhours. For a highly traded and liquid commodity 'ts a huge jump in price. in a mere two days. These last 6 weeks is probably the most volatile in the last 80 years in the 'market' Has the market been this volatile? Was the UWT and many of these leveraged ETF told to close or the market was too illiquid in the oil options markets to make these leveraged ETF feasible. these combined oil ETF like UWT, USO is bigger than the actual market for trading in terms of the amount of money on the table. that don't take delivery of oil
it’ll only continue to get more chaotic in future crashes. New extremes will blow away current extremes. Entropy is rising. Takes a lot of time tho
A simple google search would have told you everything you needed to know. But logic really should have sufficed here. You do realize its a 3x ETF that practically went to 0 right ? It had a 75% down day, and that was even after liquidation announcement, LOL. And how does Trumps political discussion with Russia about oil have anything to do with a 3x funds open or closure ? Are you really this retarded ? Oh, and USO is nothing like UWT. You cant compare the two.
I was hoping they would reverse split. I don't like sub-$1 names because I have trouble reading where it's going. Had my biggest day ever on March 9th thanks to that name. Shorted 99k shares at 1.85 when some idiotic buyer was holding it up while oil was crashing lol. It will always have a special place in my heart.