US equities remain broadly lower. Meanwhile, WTIC is currently -4.3% in the $96s. The energy sector ETF of XLE is currently net lower for the week by -5.1% at $72.31.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $95.28… dragged lower by the market, and not helped by the stronger dollar. S/t due a bounce… but unless we see a deterioration between Russia and the west, its starting to look like the March $130s will hold as a m/t high.
To be clear though, I still see short-oil/energy as the riskiest of trades… as there will remain risk of a geo-political shock – such as China/Taiwan.
XLE: energy stocks hit with the main market and oil. S/t oversold, but the bigger problem is weekly momentum is in the process of turning negative.
*I just hold via RIG.
notable stock: OXY
Occidental whacked with the main market.
notable stock: KMI
Last week’s black candle marks a s/t top. I’m starting to dream about loading the truck with KMI in June/July. If SPX 3500, then 13/12s.
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Equities: sp’60min
S/t momentum remains on the extremely low side.
We should perhaps look for a lower low in price early Tuesday, but a higher cyclical low. Big bounce target 4380/90s… and I’d accept that might drag out into next week/early May.