US equities are choppy, if broadly higher. Meanwhile, WTIC is currently -0.2% in the $92s. The energy sector ETF of XLE is currently net higher for the week by +3.2% at $92.17.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed (overnight) a new cycle high of $95.03, if cooling back to the $92s. Giant psy’ $100 looks viable next week.
XLE: energy stocks opened weak, but have reversed upward with the main market. S/t bullish, not least oil if can print the $95s again.
notable stock: OXY
Reflective of the sector. Momentum due to turn positive.
–
Equities: sp’60min
We’re cyclically on the high side, pressing against purple gap.
Some cooling could be expected, but I’d see it as overly risky for a trade, and even the bolder bears will arguably be sitting it out until next week.