Anyone else bullish the petro complex? I have been bullish since WTI and brent both failed at my WADn last week. Still bullish since now we are above the monthly pivot (I know thats not really popular here but I use all pivots religiously) and WTI has a confirmed WAUp for me. RBHO hasnt yet made a WAUp so I am a bit concerned being bullish RB more than HO but I am anticipating WTI takes off to the MAUp. Brent needs to do better really if products have to perform so watching that closely too. All relevant products are above their monthly pivots so feels right to be bullish at this time. I am still behind on my NLs so thought I would ask if anyone had any thoughts on this?
I'm not really bullish WTI. I am bullish WTI/Brent. Also the front spreads are still pretty bullish. WTI is still in a dead zone. Could it pop here? Maybe. It could also come in 3 handles on an inventory number for no reason and stop you out. I still think it's a directionless trade. And yes, this is based off my number lines. Not any fundamental view.
Possible sushi roll in both front RB and HO if 10/1 high gets taken out and we close above either today or even tomorrow.
We now have 30 day confirms across the board in equity indices. We have an early month confirmation and all vol indicators indicating to be long risk. We're 165 handles from all time highs. We can get there pretty fast.
My Energy Sector (XLE) number line went positive today. Given that and a monthly A Up on Monday .... who knows I will add some of that to my retirement mutual funds at tomorrows close.