More on the USO move

We have the advantage of often seeing what smart money is doing, unfortunately we don't usually find out why until later. It appears that 5 min divergence in USO and the shakeout this morning to grab shares on the cheap may be related to this story from the WSJ:

Argentina to Ask Congress for Takeover of YPF

BUENOS AIRES—Argentine President Cristina Kirchner will ask Congress to expropriate oil-and-gas producer YPF SA, allowing the government to share ownership of the company with oil-producing provinces, a spokeswoman for Ms. Kirchner said Monday.

The bill, which seems likely to be approved in Congress given the ruling coalition's majority in both houses, will also declare "hydrocarbon self sufficiency" to be in the country's national interest.

And why not? As I have pointed out to friends, even here in the US the government has confiscated private citizens' gold.

Let's see what USO does here...