Ahead of the OPEC deal discussions, crude oil has not been faring well whatsoever, with WTI crude oil plunging up to 4% in Tuesday morning trading.
The largest exchange traded products in the space, like USO (U.S. Oil) and OIL (iPath S&P GSCI Crude Oil Total Return ETN), for example, have now given back nearly all of November’s gains in the matter of just a few sessions.
Elsewhere, we have very little to speak of in terms of notable directional nor hedging activity in the marketplace relating to ETF/Index options since prior to Thanksgiving, and perhaps this action will pick up after the first of the trading month on Thursday this week (December 1st).
ETF fund flows in terms of creations and redemptions have been slow as well for the past several sessions after seeing very substantial inflows following Trump’s election. The Thanksgiving holiday is likely to blame there, so as mentioned previously, maybe we’ll see an uptick in the action as December kicks off in a couple of days.
Disclaimer: The content of this article is excerpted from a daily newsletter from Street One Financial. While ETF Daily News may edit the contents and add a relevant title to the piece, the author, Paul Weisbruch, does not endorse or recommend any issuer or security mentioned herein.
Paul Weisbruch is the VP of ETF/Options Sales and Trading at Street One Financial. Prior to joining the team at Street One, Paul served as the Director of RIA and Institutional ETF Sales at RevenueShares ETFs from December 2007 until November of 2009. Before RevenueShares, Paul was employed by Susquehanna International Group from 2000 until 2007 serving in roles including OTC/NYSE Institutional Block Trading, Nasdaq/OTC Market Making, ETF/Derivatives Intelligence and Strategy, Algorithmic Trading, as well as acting as the PHLX Floor Specialist in the ETFs, SPY and DIA.Paul has been actively involved in the ETF space from both a product and trading standpoint since 2000. Additionally, Paul has well forged relationships with national RIAs, institutional pension fund managers and consultants, mutual fund and hedge fund managers, and also the ETF media. Co-authoring the “S1F ETF Daily” since 2009, the daily piece has become a must for many portfolio managers in the ETF space, with segments regularly appearing in the likes of Barron’s, WSJ, and ETFTrends.com for instance.
He holds his Series 4 (Registered Options Principal), 6, 7, 55 (Equity Trader), 63, and 65 licenses. He graduated from the University of Pittsburgh (B.S. – Economics), graduating magna cum laude, and has an MBA from Villanova University.