Today's price action in the popular oil ETF
is quite understandable if you look at it from a derivatives perspective. Since the advent of weekly expiration options, one can get a reasonable idea of where institutions want prices to end up at 11:00 AM pst three out of the four Friday's of each month (monthly expiration has a game plan of its own). Today, USO
finished at exactly $36.50 on the 11AM bar, do you think that was a mere coincidence???....lol....