US equities are choppy, back to broad declines. Meanwhile, WTIC is currently +2.9% in the $95s. The energy sector ETF of XLE is currently net higher for the week by +1.3% at $69.77.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $99.10, if cooling back to the $94s. I have to expect a sustained break AND hold above giant psy’100, and onward to 120/125, which appears probable within March.
*I exited USO CALLS at the open, seeking to buy back on Tuesday.
XLE: energy stocks are fairing well to the weak main market, clearly helped via oil. Short/mid term bullish.
*I exited KMI in early morning. I just hold SLB.
notable stock: OXY
Occidental leading the sector. I don’t own (sold just recently), but at least I’m not short!
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Equities: sp’60min
S/t momentum continues to weaken, which will be a problem into the late afternoon. Equity bears should be content with any close <4450…. preferably <4400.