Energy is doing very poorly today.
The idea to buy yesterday was not the best that I had based on a seemingly starting bounce on XLE and oil, but the biggest producers said that they are happy not to cut production.
The consequence is that XLE pulls the SP500 down for now.
Pascal
I am looking at names like EOG and WFT. They are showing accumulation. At what point will the professional buying gain traction against tax loss selling?
Ralph
Never accept a warm beer from a urologist.
I think that the issue is much wider than just a tax loss selling issue.Originally Posted by RalphR
It is a matter about who will survive and who will not and this depends on debt levels/repayments obligations to put in balance with oil revenues in the next six months/one year.
If we jump back up, it will be when some Saudi Prince states that "enough is enough."
Many US producers are hedged, which means that it will take time for them to cut production. So, only Saudis can really stop the decline by cutting production. You cannot predict when they will announce it.
Pascal
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