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ETF's have become scumbag centers.
- Thread starter Nofear777
- Start date
Quote from Acumen:
SKF readjusted to NAV, was overvalued on Friday.
USO is tracking futures prices not spot.
Both are good things for longer term holders.
Boy thats great rules for the guys who run this funds when they can "Readjust" at a whim...
So your saying the future prices are 20 dollars off the actual price of crude?
Look at the prices.
OIL (another etf) is also broken.. Hell almost every etf I have traded last 2 days are a complete scam..
Time to abandon the etf's, jump on that actual product.
You probably don't understand how they're weighted.Quote from Nofear777:
USO at the same level oil was at this price a few weeks ago was 100 dollars... Today it did not react.
OIL (another etf) is also broken..
The ETFs are not overweight in the front month so close to expiration, and most certainly weren't holding any Oct CL that expired today in that massive short covering.
If you look at the daily change of all open oil contracts, it was up 6% today. Stockcharts $WTIC tracks the weighted average of all CL contracts:
http://stockcharts.com/h-sc/ui?s=$WTIC&p=DAILY&b=5&g=0&id=p68484897267
The daily movement matched OIL and USO:
$WTIC +5.92%
USO +6.04%
OIL +5.56%
Seems to be working to me.
SKF/UYG were indeed broken on Friday, but everyone should have just been trading XLF until they were unbroken.
Quote from Nofear777:
USO at the same level oil was at this price a few weeks ago was 100 dollars... Today it did not react.
SKF= broken.
Bunch of other etf's are not trading like they should.
Looks like these funds are just another game of 3 card monte ripoff.
I advise against etf's from here on out.
Read the prospectus before slagging them off for doing their job (SKF etc excepted).
not a fan of ETFs I like outright ownership of the equities themselves.
8/21/2008
Cl #F a high of around 121, closed around 121.
8/21/2008
USO a high of around 98, closed around 98.
Today.
CL #f
A high of around 130
Uso
A high of 89...
So tell me what changed so drasticaly within less than a month that USO is off by 12% of where it was relatively a month ago...
Something seems broken.
Cl #F a high of around 121, closed around 121.
8/21/2008
USO a high of around 98, closed around 98.
Today.
CL #f
A high of around 130
Uso
A high of 89...
So tell me what changed so drasticaly within less than a month that USO is off by 12% of where it was relatively a month ago...
Something seems broken.
Nofear777,
October's CL contract expired today, its close price is meaningless. It was run up $25 in completely illiquid conditions as the last remaining shorts scrambled to get out before being forced with physical delivery.
Ignore the close & daily change of Oct. Only look at Nov and further out. See my last post about weighted average of all CL contracts. Most of all READ.
October's CL contract expired today, its close price is meaningless. It was run up $25 in completely illiquid conditions as the last remaining shorts scrambled to get out before being forced with physical delivery.
Ignore the close & daily change of Oct. Only look at Nov and further out. See my last post about weighted average of all CL contracts. Most of all READ.