• A very low volume session yesterday is thus far leading to further gains in the overnight session.
  • Broader U.S. and European equity markets still look to re-test recent highs.  Especially the S&P 500 looks to be able to recapture 1415 and likely 1420 before heading into bigger resistance.
  • The chart of Apple to no surprise resembles that of the S&P which again makes it important to watch this stock for clues to the broader market in the near-term.

  • Exxon Mobil is back at multi-year resistance level as energy titles and oil have rallied in sync in recent weeks.  A break above resistance in XOM may be buyable, just keep in mind the high correlation to the broader market.  Also, XOM currently is about 19% of the XLE sector ETF, which may be ab alternate way of playing this to the long side.

 

 

 

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