US equities remain in minor chop mode, if mostly leaning a little higher. Meanwhile, WTIC is currently -1.7% in the $76s. The energy sector ETF of XLE is currently net lower for the week by -1.0% at $83.37.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed an overnight high of $79.29, on the attack on US troops, but then cooled to $76.54… for no good reason, if partly pressured by the moderately stronger dollar. We’ve seen a recovery to the $77s. Oil bulls should be seeking a monthly close >$78, which would offer $85 or so in Feb’.
XLE: energy stocks are sig’ lower, not helped by WTIC $76s. Momentum prone to turning positive w/c Feb’12th.
*I picked up SLB from $52.57, and I’d like the $54s this Wed’ afternoon.
notable stock: SLB
Right now, its my favourite energy stock, although I’d favour ET and KMI for a yield. I should own all three.
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Equities: sp’60min
A new hist’ high is clearly viable this afternoon.
Special note… IWM, daily
The current candle is rather bullish. Structure is a bullish pennant.
Momentum due to turn positive, bodes positive for some days.