US equities remain broadly higher. Meanwhile, WTIC is currently +2.3% in the $75s. The energy sector ETF of XLE is currently net higher for the week by +1.5% at $55.75.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed an impressive $75.97. We have 50dma resistance in the $76s. Psy’ $80 looks a stretch before year end.
XLE: Energy stocks higher with the main market, and especially helped with oil $75s. Soft target for XLE are the $58s. Any price action >59 would be decisive.
*I hold OXY, SLB, MRO, RIG, KMI, XOM. I did lighten up a touch in MRO this morning, but broadly… I look to hold long into the spring.
notable stock: OXY
The current candle is bullish engulfing, and it bodes well for another day or two. Soft target are the $31s… where I’d look to lighten up.
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Equities: sp’60min
A new historic high, whilst s/t momentum is subtly weakening… set to turn negative tomorrow. The cautious will be lightening up. To be clear though… I do agree with Tom Lee that sp’5k is viable in January.