Retracement Time for Stocks
Crude oil should finish its first correction by early next week also and 81.00 or 78.82 might be a rest place even if bounces this week go to 92.50. There will be a big bounce in crude oil into the middle of September and that will help oil stocks and the XLE and XOP be desirable for a trade but we are concerned about another meltdown in the energy complex into late October or November.
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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.