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.
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.
Nota
correlation playing out since the post, big week for macro technical indicatorsNota
dollar absolutely nuked. good job jerome. oil companies lagging, but the sector and commodity look kinda bottom-yNota
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.Nota
xom finally stopped lagging, but now the dollar is almost back at recent highs. hard to say go long oil here.Nota
oil and dollar finally trading like a petrodollar again????
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.