US equity indexes remain choppy, if having turned fractionally positive. Meanwhile, WTIC is currently -0.3% in the $68s. The energy sector ETF of XLE is currently net higher for the week by +1.7% at $77.50.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $66.82, if bouncing to the $68s. Set for a net weekly gain of around +3.0%. Today’s candle is a reversal, and leans s/t bullish. M/t bearish to psy’ $50, as seems realistic late April/early May.
XLE: energy stocks set for net weekly gains, helped by oil. If March settles <$80 – as seems probable, it will merit alarm bells, and bode bearish for April-May.
*To be clear, I STILL see short oil and the energy stocks as the very last thing to be short.
notable stock: OXY
A third day lower. Berkshire/Buffett are probably buying more.
–
notable stock: RIG
A personal favourite across much of 2021/22, but earnings have been consistently lousy. I’d only consider buying back from the $3s, if not the $2s.
–
Equities: sp’60min
The SPX has turned positive… if fractionally.
S/t momentum is slowing ticking upward, due to turn positive on Monday.
Right now, next s/t ceiling appears due early Tuesday.