Again, fair enough call for the short term. I think most who are not liking your calls are in SXY for the long term, you and I seem to be looking at the week ahead.
Reasonable OP drop overnight which will likely cause weakness in the SP today. Virus fear certainly is back and there's no arguing the market reaction overnight.
I suspect though that in this climate, the market is just looking for one good piece of news for an excuse to buy the dip..again, so i dont expect we'll see the lows of 30 this time round given that now oil consumption is ramping back up in China. OPEC+ coming together in March at the latest and they'll have to do something too.
Testing couple of days ahead for the SP but any resilience should give rise to optimism as these circumstances are about as bad as it gets market wise and we know Senex is worth more.
IMO, DYOR, GLTAH.
SXY Price at posting:
33.5¢ Sentiment: Hold Disclosure: Held
