MorningWord 6/6/13: Over the last week Enis has laid out his bearish near term thesis for oil (here) and traded (here) via USO options. Enis is obviously focused on the commodity but in a market environment …
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Energy was the strongest sector yesterday. XLE is now trading at its highest level since mid-2008, when oil was still above $100 / barrel. The cause for today’s run in XLE is less about oil, …
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The main theme over the past 3 trading days has been the significant outperformance of cyclical sectors, after the 1st quarter was led by defensives. While the defensive sectors have been making new bull market …
Continue readingTrade Update April 25th, 2013, 3:16 pm: I am adjusting my XLE trade from last week.
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Energy stocks are relatively cheap vs. the market on a P/E basis. Particularly when I look at the XLE ETF, it’s composed of the largest oil and gas names, the recognizable behemoths of XOM, CVX, …
Continue readingI mentioned my long-term expectation for lower commodity prices in this morning’s Macro Wrap. I promptly received a question about my thoughts on crude oil. The 3 year chart of the front month WTI crude …
Continue readingEnergy (as measured by XLE) is the best performing major sector in the U.S. market this year, up more than 8% vs. the 5.2% advance for the S&P 500. It had been a forgotten pocket …
Continue readingThe recent 10% decline in crude oil after the QE3 announcement caught everyone’s attention with the speed of the decline. Though stocks have pulled back, they are still near the highs of the year, while …
Continue readingThe commodity market has been on a tear in the past couple weeks, anticipating further easing from Bernanke and Co. at their announcement tomorrow. Mr. Draghi has already delivered the goods. The commodity market is …
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The Shanghai composite closed at a 3 year low last night. At the lowest level since March 2009. Multinational after multinational pointed out the weakness in Asia, and Chinese investors seem to agree with that …
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