Oil is not cheap!
IEO tracks a market cap weighted index of companies in the U.S. oil and gas exploration and production space according to Dow Jones. The listed name for IEO is iShares U.S. Oil & Gas Exploration & Production ETF. Right now oil and gas have been dropping, but the reality is that they are ready to take off, there's many wars happening and other conflicts are brewing. On this chart, we can see that price had been retracing from the bullish impulsive move that happened around May. Targets are those beaurtiful eq. tops around the $108 level. 
Penafian
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