US equities remain choppy. Meanwhile, WTIC is currently -1.5% in the low $70s. The energy sector ETF of XLE is currently net lower for the week by -0.9% at $89.50.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $72.34, if cooling into the upper $69s… partly pressured by the shaky main market. S/t bears should remain concerned about a possible ‘weekend surprise’ via Israel/Iran.
XLE: energy stocks are leaning weak, pressured by the downward swing in oil and the main market.
notable stock: RIG
Speculation that Transocean might merge with Seadrill
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notable stock: SDRL
Seadrill went bankrupt some years ago… but was eventually relisted (same name!) and now it might end up merging to form a really big oil/gas driller.
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Equities: sp’60min
Bulls could argue structure is a bull flag… with momentum prone to turning positive this late afternoon/early Friday. Bears can cite the bigger/more powerful daily charts which lean net bearish into early next week. I’m inclined to the latter, partly on the threat of a weekend surprise.