US equities are moderately choppy, leaning on the weaker side. Meanwhile, WTIC is currently -2.6% in the $69s. The energy sector ETF of XLE is currently net lower for the week by -2.9% in the $53.77s.
USO daily
XLE weekly
Summary
WTIC/USO: oil has cooled from $72.30 to $69.77, as yesterday’s black daily candle did play out. Today’s higher dollar sure isn’t helping. ZERO reason not to expect the 75/76s, whether before end month… or a more realistic July. Eventual price action >77s would be decisive, and offer giant psy’ $100, as now seems probable.
XLE: energy stocks are powerfully lower today, not helped by the main market or oil $69s. Absolutely still m/t bullish.
*I hold long the sector via OXY, SLB, MRO, RIG.
notable stock: OXY
Occidental is rather severely lower with the sector. All of yesterday’s ‘Tepper’ gains have been negated. Its annoying…. but indeed, even Tepper is seeking the $45s, just $1 below yours truly ‘grand target’ of the $46s. I resolutely hold!
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Equities: sp’60min
A new intraday low, as commodities – pressured via the stronger dollar, are dragging the main market lower. Yellow gap looks in range, but quad-opex argues against it.