XOM (inverted scale) seems to have a rough correlation with the U.S. Dollar Index
Full disclosure: I am building a long call position in XOM.
Dollar looks toppy here, but I believe it will trade sideways more or less until Powell's next FOMC in mid June. If he announces a "skip" then the DXY should start heading back down. As that recessionary pressure is (may be) lifted, oil could see a nice bounce from these levels.
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correlation playing out since the post, big week for macro technical indicators
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dollar absolutely nuked. good job jerome. oil companies lagging, but the sector and commodity look kinda bottom-y
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forgot to update on this post, but on my other xom post i said i was out relatively quickly. super weak. stock. correlation not playing out here. holding a decent base for now, but there's better stocks to put your money in rn.
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xom finally stopped lagging, but now the dollar is almost back at recent highs. hard to say go long oil here.
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oil and dollar finally trading like a petrodollar again????