29th January 2024
Oil begins to breakout from a weekly base as things heat up in the Red Sea. Oil & Gas names outperformed the market last week as many attempt to reclaim key weekly levels. With the extension in US Tech stocks continuing & some of the largest holdings to report this week, we’re in for a big one; not to mention the Fed.
My focus is somewhat similar to last week, can Oil & Gas breakout, can the chip sector get more extended for another short & do we see China continue to attract a strong bid.
I know a lot of people have the daily IWM chart on watch, we really need TNX to pullback here for small caps to effectively breakout, they’re currently tied at the hip.
Things are already frothy and for me the real action starts tomorrow, therefore I remain cautious yet happy to execute if a big opportunity arises.