Short-covering. Check.
Decayed breadth. Check.
Volatility trending. Check
Volatility trending. Check
Tech rollover. Check.
Yen rollover. Check.
Persistent buying/complacency. Check.
Relentless oil carnage. Check.
Exxon was up 5% today
:15 min
:15 min
Daily chart w/rate of change lower pane
The rats are leaving the sinking ship...
Why? Because as it was in 2008, institutions are moving all Energy exposure to the largest capitalization stocks with the strongest balance sheets...
Exxon as ratio of total energy sector:
Why? Because as it was in 2008, institutions are moving all Energy exposure to the largest capitalization stocks with the strongest balance sheets...
Exxon as ratio of total energy sector:
As a ratio, oil stocks are still massively overvalued relative to the underlying commodity
Not withstanding this week's short covering rally, energy stocks are catching down to oil