Oil is flying higher this morning, with the USO up about 2.5% now. I would sell half of the position here at 77.90ish for a quick 5 % gain.
Also, watch the financials! The XLF is only up around .3% while the S&P is up a full percent. Retail is struggling as well. I'm not calling a reverse (just yet) but I continue to think that this isn't the type action that will lead to a real sustainable gain. I'd much rather see the financials leading than flat.
I'm going to be watching intraday for fades between these sectors and watching the close for strength and weakness. I'll keep the blog updated.
No comments:
Post a Comment