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A few thoughts #EFT #OOTT
Seems like old times...the bad old times. The yucky market finally caught up with oil and energy stocks. WTI went from "so good its almost bad" in the $120's to "still darn good but falling like a knife" in the $110's. XLE -20% since last Wednesday.
Seems like old times...the bad old times. The yucky market finally caught up with oil and energy stocks. WTI went from "so good its almost bad" in the $120's to "still darn good but falling like a knife" in the $110's. XLE -20% since last Wednesday.
Let's not forget natty. The cool new kid at the party wound up puking in the bushes - dropping from $9.30's to $6.90's (-26% for those scoring at home).
To what do we owe this nasty behavior? Well, risk off is the easiest and most obvious answer. Everything's ugly.
To what do we owe this nasty behavior? Well, risk off is the easiest and most obvious answer. Everything's ugly.
If the popular wisdom was "tech can't bottom until big tech cracks"...then maybe we say "the market can't bottom until the best performer - energy - gives some back". This week people sold winners (energy, oil, gas) and losers (lots of other sectors).
