Wednesday, May 05, 2010

United States Oil Fund LP Gaps Sharply Lower


The United States Oil Fund LP (USO) which is one of several crude oil ETFs gapped sharply lower today on the open. As you know I've been bearish on this ETF based purely on technical patterns. On the open today USO was trading as low as 38.18 but has since rallied. The markets are still opened as I write this so it will be interesting to see how USO closes. You can read my original post from 2 weeks ago regarding as to why I was bearish on the United States Oil Fund (USO ) by clicking the following link.

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