Time For Oil ETN, ETF to Make a Decision (USO, OIL, OVX, USD/CAD Charts)
4/27/2010 12:23:00 AM
The oil exchange traded note ($OIL) and oil exchange traded fund ($USO) are both in a boring battle with resistance, while oil volatility ($OVX) is sleeping at multi-year lows (28 v. 100 in late 2008). Dullness could flip at any moment though. The June oil future is at $83.75 testing the 50 day moving average. Is the Goldman hearing tomorrow and Greece scaring everyone away? USD/CAD is below support but rallied back to 1. Protect yourself from the oil volatility monster with a cheap Kevlar vest.