MARKET UPDATE / QUICK COMMENTS:
Updated Signals & Plan.
MARKET UPDATE / QUICK COMMENTS:
Good morning.
Updated signals & plan:
OIL & ENERGY
Oil:
✅ Yesterday WTI Crude Oil fell 16%, one of its biggest single-day declines in history, and the biggest since 2020.
✅ Since the inception of futures trading, there were only two periods where WTI dropped this much from near a multi-year high: October 1990 (-16%) and March 2022 (-12%). In both cases Oil was rolling down from a major top. In 1990 Oil bounced for a few days to fill an upside gap, then rolled over and collapsed. In 2022 Oil fell another 15%, then traded in a topping range which ultimately collapsed.
Energy stocks / what we’re watching:
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