USOThe United States Oil Fund LP (NYSEARCA:USO) is an exchange-traded fund that attempts to track the price of West Texas Intermediate Light Sweet Crude Oil.
One other major macro factor in the current scene guiding the macro picture for markets is the performance of the oil market.
Right now, both energy stocks and the oil commodities market are largely defined by the process of Saudi Arabia gearing up to go through the IPO of the largest energy company in the world, Aramco. Don’t think for a moment that this is not a primary concern for those involved in the largest positions dominating the oil market. Aramco, and its success as an IPO, I one of the defining points across all asset classes at present. The Aramco IPO will unquestionably be the largest IPO in stock market history.
And the relative performance of oil as a commodity market will be the number one input defining exactly how much that IPO is worth.
In addition, tomorrow will bring us the results of the latest OPEC meeting, in which the countries in control of OPEC’s destiny will decide whether or not to do further production cuts to support the price of oil.
Traders will want to pay special attention to this catalyst as it unfolds today.
Read More at: dailytrendingstocks.com/the-top-macro-trades-to-close-out-2019-spy-qqq-uso/
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.