06May12:28 pmEST
A Noir-ish Feel to the Rally in Crude
While crude oil gapped up this morning (and faded a bit off the highs as I write this), energy stocks remain suspiciously soft as a whole.
Specifically, the likes of CHK is reversing down, and, more importantly, the XLE (energy sector ETF) is actually flirting with a breakdown from a long, sideways range.
This type of action reinforces the choppy nature of the market of late, amid a plethora of earnings blow-ups this season. One of the latest, GRPN, blatantly ignored prior $6.61 lows and is knifing down as we speak.
After a snapback rally to start the month, May has a noir-ish feel to it already.
Note that TSLA and PCLN, two leaders reporting imminently, could turn the tide of market character.
Saturday Night at Market Che... Short Days and Calm Rotation...