US equities remain in minor chop mode. Meanwhile, WTIC is currently -1.2% in the $74s. The energy sector ETF of XLE is currently net higher for the week by +0.5% at $85.44.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $74.16, as today’s performance is far worse relative to the weaker dollar. Tuesday’s black candle – with an upper spike from key price threshold, played out. Oil bulls could argue its sporadic cooling, but still… its somewhat surprising.
XLE: energy stocks have seen early gains fully erode, due to oil. S/t vulnerable.
notable stock: OXY
Reflective of the sector. I’d note the past two daily candles were spiky on the upper side, indicative of s/t bullish exhaustion. Yes, Berkshire will be buying some more, keeping a bid/floor on this tier’1 quality driller.
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Equities: sp’60min
Its a very narrow range day… barely 11pts wide.
I can understand some already walking away for the next three day weekend!