US equities remain broadly higher. Meanwhile, WTIC is currently -1.0% in the $62s. The energy sector ETF of XLE is currently net lower for the week by -3.6% in the $51.56s.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $62.05, if recovering a little. If the main market takes another swing lower (more viable next week), then psy’60/59s are a threat, before renewed upside to challenge the March $67s. I do expect an eventual upside break… and onward to $75/76s. A break in the USD under the critical DXY 88s would absolutely help ‘inspire’ higher commodities.
XLE: energy stocks are struggling relative to the main market. S/t bearish. M/t bullish.
Yours truly holds long the sector via OXY, SLB, MRO, and RIG. However, I’m ‘light’ in them, and want to buy back what I sold last Friday. Right now… there appears no hurry.
notable stock: SLB
Schlumberger reflective of the sector. S/t momentum due to turn negative within 1-2 days, and it threatens at least psy’ $30. I sold half last Friday, am wanting to buy back – around psy’ $30.
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Equities: sp’60min
S/t momentum is on the high side, and the market will be increasingly due a rollover from the 2pm hour onward. Friday OPEX offers some cooling, if choppy.