US equities are significantly higher. Meanwhile, WTIC is currently +1.9% in the $122s. The energy sector ETF of XLE is currently net higher for the week by +2.2% at $76.86.
USO 60min
XLE weekly
Summary
WTIC/USO: oil printed $129.44… just a little shy of the recent high. Yes, we’re s/t hyper over-stretched. Opening red gap filled. Yellow gap looks realistic on Wednesday. Underlying price pressure is increasingly strong. The July 2008 historic $147s are clearly viable within the near term.
XLE: energy stocks reversing with oil. Like oil… s/t hyper over-stretched. A few have noted that relative to oil, the energy stocks are trading as though oil is $65 or so.
notable stock: RIG
Transocean is sustainably in the $5s. The door has opened to the $14s. Even that is a long… long way below the highs of a decade ago.
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Equities: sp’60min
We’ve a more serious bounce attempt, with momentum due to turn positive. Teal gap… with upper bollinger soon to meet. Wed’ should offer a cyclical ceiling/turn… ahead of Thursday’s CPI.