11am update - Oil breaking up and away

Whilst equities are holding moderate gains, there is notable strength in Oil, +2.8%... into the $55s, as the weekly surplus totalled just 1.3 million barrels.  WTIC is headed for $60... perhaps the $67/75 zone before the next big wave lower.


USO, weekly

sp'60min

Summary

*it is highly notable that the R2K and NYSE Comp' indexes are trading at historic highs. The rest of the market looks set to follow.
--

So.. a green candle on the USO weekly chart.. clarifying what the WTIC weekly chart presented last week.

The $60s look an easy target within the near term... despite the issue of over-supply NOT remotely addressed.

--
notable strength: oil/gas drillers, RIG +5.5%, SDRL +4.8%.... following Oil.
-
time to cook !