It tracks BCOMCLTR:IND as we all know. Low on that thing was $113 when UCO reached $5.98. Currently that one trades at 134.64 - up 19.15% from the lows. So UCO should be up double i.e 38.3%. Guess what today's close of $8.27 - $5.98 = $2.29 gain which is exactly 38.29% of $5.98.
Irony of it, it is a 2x daily trade vehicle but it seldom appears to be doing so. But above Math says over a period from its low to the current price in a month or so, the math is right on.
So yes even based on the $6.03 price where it should have been yesterday (2:30EST), the price based on increase of 10.05% in Bloomberg WTI Crude Oil Subindex should equate to +$1.21 in gains for UCO today and it should be at $7.24 and not $6.95. I calculated the whole thing based on the explanation I received by calling ProShares. At start of week BCOMCLTR was at $130, closed $124.5 on Monday - down 4.43%, down 5.59% Tuesday, down 0.42% Wed, down 2.78% Thur, up 10.04% Friday to end total down 4.06% for the week at $124.71. If you double the % for each day and apply the same to UCO's start price of $7.95, you will get $7.25, $6.43, $6.38, $6.03 and $7.24. So there is a good 30 cents missing. And I DO NOT like it unless there is another explanation.
This is the same thing over and over again. It just does not seem to add-up. Everytime oil is down even 1-2%, UCO is down 5-6% average. But never moves up the right % when oil makes a monster move like today. OIl for Mach delivery is up 10%. UCO tracks twice the daily % move of BCOMCLTR:IND and it is up nearly 8% as of Noon EST. UCO should be up 16%. #$%$ is going on peeps !?