US equities are choppy, mostly leaning on the weaker side. Meanwhile, WTIC is currently -2.5% in the $99s. The energy sector ETF of XLE is currently net lower for the week by -8.6% at $75.75.
USO daily
XLE weekly
Summary
WTIC/USO: oil has printed $99.25, partly impacted by the downside reversal in the main market, but also the broadly strong dollar. Overall though… oil is holding up very well to the main market, and dollar. The concern should be a recession, but that might not be enough to cancel the supply/demand imbalance.
XLE: energy stocks are mostly leaning on the weaker side, pressured by both the main market, and WTIC $99s. S/t vulnerable… still m/t bullish.
notable stock: OXY
Occidental will have earnings in AH, which should be good, with a distinctly positive outlook. The stock has been stuck for a few months, but relative to the main market, its doing VERY well.
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Equities: sp’60min
A new cycle low of 3958… as all bounces are being sold into. The bulls had better pray CPI doesn’t come in ‘hot’ tomorrow.