US equities remain a little choppy. Meanwhile, WTIC is currently +1.2% in the mid $81s. The energy sector ETF of XLE is currently net higher for the week by +2.4% at $91.19.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $81.71, helped by the somewhat positive main market, and the marginally weaker dollar. Soft target 83/85, as looks very probable by end of next week.
Israel appears poised to push into Lebanon, and if Hezbollah launch counter attacks against the oil and perhaps even nuclear facilities, then Mr Market is going to be real upset. Typically, I’d look for such an event via a ‘weekend surprise’.
XLE: energy stocks battling upward, as the sector appears to have a key floor last week.
notable stock: SLB
Lagging in early morning, but then accelerating above the 50dma, and leading the sector upward. Next resistance psy’50.
–
notable stock: OXY
Higher with the sector. Natural target $65s.
–
Equities: sp’60min
S/t momentum has stalled from just under the key zero threshold.
Its not such a great sign… as daily momentum is weakening.
Broadly though… its all positive leaning chop!