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.
*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 !