US equities remain choppy, if below the early highs. Meanwhile, WTIC is currently +5.4% in the $80s. The energy sector ETF of XLE is currently net higher for the week by +4.2% at $86.33.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $81.69, if cooling back to the $80s, on news of OPEC+ supply cuts. S/t vulnerable with the main market. I’d accept this puts a dent in my m/t target of psy’ $50.
XLE: energy stocks soaring with oil, but many of the daily candles are black, and it bodes s/t bearish, at least for part of Tuesday.
*today’s jump has been a fine example for why I see oil and the related energy stocks as the very last thing to be short.
–
notable stock: OXY
Reflective of the sector. Black candle.
–
notable stock: RIG
Note the black daily candle.
–
Equities: sp’60min
S/t momentum continues to weaken, and should turn negative by the close.
Yellow gap looks realistic on Tuesday… where I’d be bailing.