US equities remain in micro chop mode. Meanwhile, WTIC is currently -0.8% in the $68s. The energy sector ETF of XLE is currently net higher for the week by +0.5% in the $49.77s.
USO daily
XLE weekly
Summary
WTIC/USO: oil is churning the 68/69s. A break >psy’ $70 appears probable next week. A push above the $77.00 threshold will be decisive – as appears realistic in Sept’, and will give extra confidence of a grander run to giant psy’ $100.
Post from Denniger on Biden and oil…
http://market-ticker.org/akcs-www?post=243252
XLE: energy stocks are seeing considerable chop, but set for a third consecutive net weekly gain. M/t bullish 59/60s.
notable stock: RIG
A burst to psy’ $4.00 looks realistic before end month. Yes, Transocean is more speculative, and the cautious will lean to one of the far bigger companies like OXY, SLB, or even MRO. I’m very content to hold all four.
—
Equities: sp’60min
Chop chop… another three hours of this to go.