US equities remain broadly weak. Meanwhile, WTIC is currently +0.7% in the $71s. The energy sector ETF of XLE is currently net lower for the week by -4.3% in the $53.01s.
USO daily
XLE weekly
Summary
WTIC/USO: oil rebounded from the $69s to $71s, which is especially impressive considering the ongoing strengthening of the USD. The 75/76s appear viable before end month, or within July. An eventual push above the decisive $77s will offer open air to giant psy’ $100.
XLE: energy stocks are set for a second consecutive net weekly decline, but the m/t trend remains unquestionably bullish.
*I hold long the sector via OXY, SLB, MRO, and a speculative RIG.
notable stock: OXY
Morgan Stanley 32>40. I hold (from early Wednesday, $28.83), for what is arguably the best of the oil/gas serv’ stocks.s/t vulnerable, as momentum has just turned negative. M/t bullish $46s. Tepper ‘$45 to $50’.
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Equities: sp’60min
S/t momentum is on the low side, and some upside – if choppy, to settle around 4200 appears probable.