1pm update - oil and energy

US equities are very significantly higher. Meanwhile, WTIC is currently +0.8% in the $109s. The energy sector ETF of XLE is currently net higher for the week by +4.1% at $76.51.

USO daily

XLE weekly

Summary

WTIC/USO: oil printed $111.16, if cooling back to the $109s. Alarm bells if <$93, but that looks out of range... not least with relentlessly increasing geo-political tensions.

XLE: energy stocks are very significantly higher with the main market. Last week's candle remains a concern.... if still m/t bullish. Line in the sand? The $57s, but that would be a ludicrously loose stop level.

*I hold nothing within the sector, having bailed on RIG in early morning.
Zero interest in adding, not least as I might be dead anyway!

notable stock: OXY

Occidental powerfully higher. M/t bullish, although the more cautious will have a stop of some degree.

notable stock: RIG

Higher with the sector. Two concerns... the first is the main market. The second is that the sector has put in a m/t top. I'm skeptical of the latter.

--

Equities: sp'60min

 

S/t momentum is on the very high side. Bulls can argue s/t price structure is a baby bull flag, and I'd be open to Wed' putting in a higher high... but from there, Thursday will favour the equity bears, with natural target of red gap.

12pm update - cheerleader time

US equities remain rather powerfully higher. Price action is increasingly tired though. WTIC has cooled, $111>109

sp'60min

VIX'60min

Summary

Little to add, as we're clearly set for net daily gains of some degree. Wed' offers a higher high,

–

notable Dow component: MSFT

The fourth day gain of five.... but it does nothing to dent the m/t bearish trend.
You don't think $241 is a key low, right?
–

notable weakness: NFLX

Stifel maintain 'hold', 300>230.  Next major support is not until $124s.
--

notable energy: CHPT

Higher with the sector/main market. Still m/t broken, and even the bold will be waiting for sp'3500/400s.
--

notable miner: LAC

Reflective of commodity stocks. The problem shall remain... the main market into July. 

Its cheerleader/lunch time, but there is no point in food/drink, if my time is about up. 

11am update - morning strength

US equities are rather powerfully higher. VIX is net lower.... if only to around the key 30 threshold. Copper prints $4.08, but it doesn't negate last Friday's break of support.

sp'60min

VIX'60min

Summary

Purple gap almost filled. S/t momentum is on the very high side. A rollover is due this afternoon or early Wednesday.

–

notable stock: TSLA

Tesla powering upward. 620/626 make s/t floors... but the stock is to be seen as m/t broken unless back above monthly 10MA (currently $931s). Target remains 550/500 within July.
–

notable semicon: AMD

AMD is usually one to draw in the hot money. S/t bullish, if only another day or two. M/t broken, as $70 looks realistic within July. Even the bold will lean to Aug' PUTS... or the buyers will wait until sp'3500/400s.
--

notable energy: OXY

Occidental Petroleum powering upward with the sector, helped with WTIC printing $111.16.
--

notable bond ETF: TLT

Bonds whacked lower... as yields climb.

-
notable fin: BAC

Bank of America bouncing with the sector/main market.Whilst higher yields/rates are a positive (they should be able to improve margins), consumer debt defaults and an economy in recession aren't going to help.