The options market is sending a contrarian signal about oil prices Opinion: The options market is sending a contrarian signal about oil prices Also: How to use options around earnings to trade Nike’s stock, which has been down in the dumps for years Investor sentiment on an exchange-traded fund tracking oil prices is getting very bullish again — enough to flash a contrarian sell signal. Sometimes the best course of action to take on Wall Street is the opposite of what everybody else is doing. With that in mind, we note that the options market is flashing a new sell signal, via what’s known as the put-call ratio, for the United States Oil Fund Copyright ©2026 MarketWatch, Inc.
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McMillan is a columnist for MarketWatch and editor of the "MarketWatch Options Trader" newsletter. He is president of McMillan Analysis, an investment and commodity-trading adviser. Intraday Data provided by FACTSET and subject to terms of use.
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