Not so fast. Inventories are building again and oil stocks got a bump from the re-opening play. It doesn't seem the energy sector will be safe until... A). The vaccine is being distributed to the majority, and/or B). The gulf of Mexico sinks into the upper mantle and OPEC+ decides to get stingy and stop production. (Yes, B. is an exaggerated scenario, but I digress. )
Agree on your analysis of the market. I'm interested as I spreadbet the Dow, occasionally throw in the Nasdaq and S&P, but in any case long only. Eventually the Dow always goes up. And eventually usually means the middle of the next week.
PA in crude oil (CL) indicates instability in that market.....very dangerous trading. OPEC+ can come out with an announcement at any time good for +$1 or +$1.50/bbl. As far as I'm concerned, this is a rigged market. However, the fundies remain bleak....and oil should really in the twenties, not the forties.