US equities remain a little choppy. Meanwhile, WTIC is currently +1.1% in the $84s. The energy sector ETF of XLE is currently net lower for the week by -6.1% at $84.72.
USO daily
XLE weekly
Summary
WTIC/USO: oil is churning the $84/83s… not helped by the shaky main market. The ultimate wild card is clearly the middle east. Anything ‘Iran’ related threatens a hyper spike, with basic target of psy’ $100.
*at this time, I’ve zero interest in getting back into oil, after a recent failed trade.
XLE: energy stocks ending the week on a bad note. Weekly momentum has turned negative, and is set to be an increasingly downward pressure into November.
notable stock: CVX
Earnings were broadly fine, but the market is using it a ‘sell the news’ event. Support… $135s.
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Equities: sp’60min
Turning red… if briefly. Price action is bearish consolidation ahead of another major wave lower.
Time for a light lunch