Thursday, 12 October 2017

1pm update - oil and energy

US equities remain in minor chop mode. Meanwhile, WTIC is currently -1.8% in the $50s. The energy sector ETF of XLE is currently net lower for the week by -0.2% in the upper $67s.

USO daily

XLE weekly


WTIC/USO: the mid term series of lower highs and lower lows ended last month. Ongoing price action is clustered around the $50 psy' level, and there is little reason why that might change in the near term.

XLE: decisively outside of the m/t bearish trend. S/t chop, but the Dec'2016 highs look set to be broken, not least if WTIC can eventually get to the 55/60 zone by spring 2018.

Equities: sp'60min

A fractional new historic high, but broadly... stuck. Another wave lower this afternoon is due, although 2540/37 looks out of range until tomorrow.

notable energy stock, RIG, daily

Along with the sector, Transocean recently broke the m/t downward trend. S/t bearish though, vulnerable to the 9.50/00 zone. APC would be a valid alternative, not least with the recently announced buy back program.

Meanwhile... Summers is on the loose...

.... slamming Trump's tax plan.

Note the 'book background', always a standard tactic to attempt to appear smart. Its quite effective actually, regardless of whatever nonsense is spouted.