I think it would be nice to see one of those down $3 in a day sessions. We haven't had one of those in quite a while.
Keep dreaming, so far the bulls are the ones in control(not to mention we'd made the most money. Picking 4% tops isn't what we're in business to do, what we're in business in to do is maximize profits.)
Thank you Aaron & Global for the symbol. How close does USO track the trading of Light Crude and Brent Crude? Can I take a long/short approach using USO?
It just started trading. I think that remains to be seen. Keep in mind that the USO price isn't going to track the price of oil. The goal is to have the <i>percentage change</i> in USO over the past 30 days (I believe) track the percentage change in the front month oil futures contract. That's a subtle difference but it means USO is going to move increasingly far from the futures price every time the futures roll to a further out delivery month. There's a prospectus for USO available on the web somewhere that I've read. I recommend it if you are going to start trading USO. Good trading! Aaron Schindler Schindler Trading
U.S. gasoline supply falls for an eighth week: Energy Dept SAN FRANCISCO (MarketWatch) -- The Energy Department said motor gasoline inventories fell 1.9 million barrels for the week ended April 21 to total 200.6 million. Supplies have lost a total of 25.3 million barrels in eight weeks and are 5.6% below the year-ago level, the government data showed. Crude stocks fell 200,000 barrels to total 345 million barrels -- 5.6% above the year-ago level. Distillate supplies rose 1 million barrels to 115.6 million. They're 10.6% above the year-ago level. June crude fell 48 cents to $72.40 a barrel. May unleaded gas rose 0.09 cent to $2.13 a gallon and May heating oil shed 1.01 cents to $2.048 a gallon.