Crude oil has been in a good uptrend off the June low but energy stocks have struggled in a big way.
We can see this in a number of reversals unfolding around the energy complex.
As well as the down-trend that’s unfolded in important sector ETFs such as the Energy Sector (XLE) and Oil and Gas Exploration Sector (XOP).
Here we can see the down-trend as well as the recent reversal. We think both XLE and XOP reflect what is happening beneath the surface.
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The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
