Softening Eurozone economic data and news from the Trump administration that he may not meet Xi for possible trade resolution until March caused a sharp sell off in the Oil Producers ETF, XOP. This index broke through 2 standard deviation lines today after failing at the 50-SMA which is very bearish short-term in a longer term bear market punctuated by a bear market rally since late December. This slide could mark the beginning of the next primary bear market downswing in the energy space - oil derivatives and energy equities.
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