US equities remain in a holding pattern ahead of the Fed. Meanwhile, WTIC is currently -0.7% in the $83s. The energy sector ETF of XLE is currently net lower for the week by -0.2% at $77.47.
USO daily
XLE weekly
Summary
WTIC/USO: oil swung from the $86s to $82s. The drop is surprising, after the initial spike on geo-political tensions. Support 77/76s…. which looks probable with renewed downside in the main market.
XLE: energy stocks are higher with the main market. S/t bullish, if only a day.
*again… to be clear, I see short oil/energy as the ‘absolutely no way’ trade. There shall remain threat of a wild card event… not least Russia/Ukraine, which could see oil hyper spike back above $100 within 0.3 seconds.
notable stock: OXY
Struggling relative to the sector.
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notable stock: RIG
The stock is a short/mid term mess. The $1s look a high threat, not least if sp’3400 or lower.
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Equities: sp’60min
Chop chop… as is natural… into the Fed.