You're Not Out of the Woods Yet

To follow-up on a blog post from yesterday, it is not likely that energy stocks have put in a convincing bottom as long as the likes of Chesapeake Energy continue to see what looks to be liquidation on a daily basis. Earnings on November 4th could turn the tide. 

But the weekly chart, below, still shows a ferocious downtrend and does parallel some of the moves in the decimated coal industry, such as ACI BTU CNX JOY. I also still view HYG JNK as being proxies for risk in the energy space. 

Elsewhere, transports and small caps are leading the market lower today, with sentiment rather subdued into AAPL earnings tonight and the FOMC tomorrow afternoon. More on that for Members in my usual Midday Video.