Let's be realistic though, the whole market has risen out of control beyond any pro's expectations, it was due for a correction. The big boys will look at this as a buying opportunity having missed the first rise. Billions on the sidelines.
The reasoning behind oils drop though is the fear of a second wave and markets closing down again and yet the U.S say they wont be shutting down a second time. So realistically the demand for oil is still coming back and will likely support the price.
It's unfortunate SXY couldnt continue it's rise but imo this will just be a pullback before we continue our recovery.
SXY Price at posting:
26.5¢ Sentiment: Hold Disclosure: Held
