West Texas Intermediate Futures are clinging to $40 per barrel after dipping below that level earlier Friday for the first time since 2009. The United States Oil Fund (NYSE: USO) has tumbled 5.5 percent this week and is one of the 102 exchange traded funds that, to this point in Friday's session, have hit all-time lows.
Predictably, that is bad news for energy equities. That much is reflected in Friday's new 52-week low list for ETFs. Nearly 240 funds have committed that offense and of that group, 25 are equity-based energy funds. Making matters worse is the fact that the group of 25 does not include a plethora of regional and single-country ETFs with heavy energy sector exposure.
The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares (NYSE: DRIP) is loving the current oil environment and why not. DRIP, which is not yet three months old, ...
/www.benzinga.com/trading-ideas/long-ideas/15/08/5784108/oil-shock-is-a-big-deal-for-this-etf-and-thats-ok alt=Oil Shock Is A Big Deal For This ETF And That's OK>Full story available on Benzinga.com
More...