US equities remain in minor chop mode, mostly net higher (Nasdaq is marginally red). Meanwhile, WTIC is currently -0.5% in the low $75s. The energy sector ETF of XLE is currently net lower for the week by -1.8% at $92.25.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $74.39, and that appears partly due to Trump, who is calling for lower oil prices… as well as lower interest rates. Trump has recently noted he wants to fully refill the SPR, which will help pressure prices upward.
XLE: energy stocks are leaning upward with the main market. Weekly momentum should be increasingly positive into February.
notable stock: OXY
Reflective of the sector. I hold for the 54/55s
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notable nuclear stock: SMR
I saw the mid $24s printed in pre-market… but NuScale powered back upward, appears headed for psy’ $30… rather than 22/21. Oh well, at least I’m not short it.
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Equities: sp’60min
Bulls can argue its s/t bullish consolidation.
Bears could cite the daily charts are cyclically high.
Bulls could then counter with the bigger weekly charts, which are more suggestive of upside into Feb’. I lean to the latter.