Monday, 9 May 2016

12pm update - weak oil

Whilst the main indexes remain in minor chop mode (if leaning increasingly to the downside), there has been a very strong swing in Oil, from early gains of around +2% to -2% in the $43s. Regardless of the Canadian/Alberta fire issue... the global over supply problem remains entirely... unresolved.

USO, daily2



Not much to add.

Broadly.. it sure is choppy, and the market is clearly being impacted by Oil, which is really damaging energy stocks, even the giants like XOM and CVX (hence the Dow is particularly weak).

As things are, next chance of sig' downside won't be until tomorrow at the earliest. Key low to break is of course sp'2039.

notable weakness, oil/gas drillers, SDRL, daily

Note the recent black-fail candle from end April. SDRL is really starting to unravel, along with similar names like RIG, DO.

time to see what the cheerleaders are saying on clown finance TV..........