US equities are moderately higher. Meanwhile, WTIC is currently +0.3% in the $69s. The energy sector ETF of XLE is currently net lower for the week by -0.05% in the $55.72s.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed a new cycle high of $70.65, partly helped by a positive main market, and a fractionally weaker dollar. Big target of the 75/76s is clearly viable before end month. Background chatter of a run to giant psy’ $100 is on the increase!
XLE: energy stocks are seeing considerable chop with the main market.
*Having fully exited OXY and SLB yesterday afternoon, I hold long the sector via just MRO and RIG. I want to buy/add in ALL four, but have no intention of that until next week.
notable stock: SLB
Schlumberger is struggling to the sector/main market. I sure want to pick this one back up, but its cyclically high, with momentum prone to turning negative in 2-3 days.
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notable stock: XOM
A new cycle high for Exxon, but the gains are fading a little. Black candle (if it settles there) will bode s/t bearish into the weekend. Clearly… m/t super strong with the sector.
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Equities: sp’60min
Price action remains rather shaky… if still net higher. We have an interesting afternoon ahead.