US equities are choppy, if still leaning upward. Meanwhile, WTIC is currently +1.1% in the low $83s. The energy sector ETF of XLE is currently net higher for the week by +1.1% at $95.90.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $80.88 in early morning, but has seen a very significant recover to the low $83s. Monday’s hollow red reversal candle played out.
*yours truly is still drowning in oil, with two overly large USO May CALL blocks. I need USO >83 (with WTIC $86/87s) to exit net positive.
XLE: energy stocks are broadly flat… lagging the main market, for no good reason. Multi-week structure offers a bull flag.
notable stock: SLB
Reflective of the sector. Cyclically low.
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notable stock: HAL
Earnings were fine, although I’d favour SLB or OXY.
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Equities: sp’60min
A new cycle high of 5071. Cyclically… very high, and I’d note today’s opening gap.