Thursday, May 06, 2010

Crude Oil Drops Precipitously


Crude Oil was among the many markets today which got hit with heavy selling. The ETF for crude oil was down 3.52% today at the close although it was down much more during the day. Notice the big volume that we are seeing take place right now in USO. Recently these spikes in volume have coincided with bottoms in the oil market. As you know I've been bearish on oil so I'm using these spikes in volume to exit some of my shorts that I have in USO. It's quite possible we may get a little bounce here.

1 comment:

Guava said...

Crude oil prices gain in New York, its biggest jump, on speculation an emergency fund by European policy makers will contain sovereign debt risks and maintain economic growth in the region.

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