US equities remain choppy, if recovering. Meanwhile, WTIC is currently -1.5% in the $83s. The energy sector ETF of XLE is currently net lower for the week by -5.8% at $85.16.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $82.35, not helped by the weak equity market. The obvious question… are the $95s a key m/t high? I think its a case of lets see how high the next bounce is.
XLE: energy stocks opened lower, but are battling to settle net higher. S/t oversold… due a few days higher. At the current rate, weekly momentum will turn negative as of next Monday.
*to be clear, I still see oil and the related energy stocks as the last thing to be short.
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notable stock: OXY
Reflective of a sector trying to settle net positive.
Broadly… its been a choppy mess across the year.
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Equities: sp’60min
Chop chop.
A red close appears probable… but I’d still look for a green Friday.