Oil and Silver Have Been Trending Together

United States Oil (USO)

At the end of April, United States Oil (USO) was trading at $45. Going into May, USO dipped into $39, then drifted in to $37. Today USO gapped down to a low of $35.21 but then rebounded together with the overall market, to a close of $36.01 (down 2.94% for the day). If you’ve been trading Silver (SLV), then you should also be keeping an eye on USO. Market’s were down significantly into the opening. Going into the close the markets rebounded, fueled in part by President Obama’s authorization to release 30 million barrels of oil from the country’s strategic reserves in an effort to push gas prices down.