Today is the first day after nearly a week of slowly increasing XOP prices, that XOP stayed down, regardless of what CL1! does. My guess is that there is a lot of stealth buying in industry, in general. In spite of CL1! increasing today, not all my industry positions were higher, only a few which surprised me. With most of the indexes were down today, people will be conservative, or taking profits. As long as the 50 MDA average on XOP is maintained, we're good. I also watch the hull indicator - as long as the closing price of XOP is higher than the hull indicator, we're good. Typical investors know very little about the market in general, and less about oil. Obviously, it's not the retail people moving this market around. Gas (the cleanest efficient fuel, besides ineffective, unreliable ESG) is critical for powering the future, and most are clueless.The diversion comes from NYMEX, which is primarily US buyers/manipulators? LOL, just kidding. Perhaps some want a lower priced XOP.
In spite of CL1! increasing today, not all my industry positions were higher, only a few which surprised me. With most of the indexes were down today, people will be conservative, or taking profits. As long as the 50 MDA average on XOP is maintained, we're good. I also watch the hull indicator - as long as the closing price of XOP is higher than the hull indicator, we're good. Typical investors know very little about the market in general, and less about oil. Obviously, it's not the retail people moving this market around. Gas (the cleanest efficient fuel, besides ineffective, unreliable ESG) is critical for powering the future, and most are clueless.The diversion comes from NYMEX, which is primarily US buyers/manipulators? LOL, just kidding. Perhaps some want a lower priced XOP.