Replies to post #253 on Citi VelocityShares 3x Long Crude Oil S&P ETN (UWT)

[BullishSwag]

I think it's the shorts giving it all they got to cover?? Oil looking to rebound hard imo.

[Sgreg]

UWT and oil have different closing times. The oil pit I believe closes at 2:30. UWT closing price is at 4:00 since it is an ETN traded at the NYSE. Trading for oil is almost 24/7 but 2:30 is the closing price for the day. Oil will show green at 4:00 if it has risen during that 1 and a half hour between pit close and stock market close. Oil closed down at 2:30 over 3%. Then after pit close recovered some and was up but for oil it was a new trading day. For UWT it wasn't yet so UWT had priced into it what oil had done all day, the over 3% decline and then the 1% increase after the oil pit close.

[fitzwell11]

It just looks that way because oil settles at a different time than UWT so they have different “closing” prices