US equities are choppy. Meanwhile, WTIC is currently -2.4% in the $73s. The energy sector ETF of XLE is currently net lower for the week by -3.1% in the $51.22s.
USO daily
XLE weekly
Summary
WTIC/USO: oil has swung from the $75s to the $73s. Today’s performance is even weaker than it might seem, when you consider the weaker dollar. Some cooling to psy’ $70/69 would not be a surprise.
Absolutely still m/t bullish though. Eventual price action >$77.00 will be decisive, and offer giant psy’ $100.
XLE: energy stocks are getting whacked hard… largely due to oil. We’re seeing some real ugly daily candles and breaks of trend (such as RIG), which bode problematic for Thursday.
notable stock: OXY
Occidental whacked with the sector. Today’s candle is bearish engulfing, and bodes real ugly for the near term. I’m starting to wonder if $24s.
—
Equities: sp’60min
Price action is messy. Bears could argue s/t oversold conditions are being slowly burnt off, ahead of a Thursday. Red gap is the natural target for Thursday/early Friday, before broad OPEX chop into the weekend.