US equities remain very significantly higher. Meanwhile, WTIC is currently -12.3% in the $109s. The energy sector ETF of XLE is currently net higher for the week by +0.1% at $75.34.
USO 60min
XLE weekly
Summary
WTIC/USO: oil printed the $103s…. trading inverse to equities. I don’t see the recent $130s as a key top. The July 2008 $147s appear set to be tested, although whether that is this month, or not until April/May, difficult to say.
XLE: energy stocks are very turbulent, hit by lower oil. S/t vulnerable, but the sector looks good, if the inverse trade to equities continues into the spring.
notable stock: OXY
An impressive reversal from very sig’ declines to powerful gains… reflective of underlying buying interest. Big target $76s.
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Equities: sp’60min
Price action is increasingly subdued, if still leaning upward as we’re cyclically on the high side. Teal gap!