Under the radar: while everyone watched the Nasdaq, energy stocks (XLE) sank 11.4% in a week.
→ Crude oil (WTI) fell 12.8% on the week; it is at $88.1 today, down 15.4% since Oct 30
→ Energy moves about 2.7% in a normal week; this is the 12th weekly drop above 11% since 2000
→ Same week: chips (SMH) −12.9%, S&P 500 (SPY) −3.4%
I think energy is no longer a safe haven; it's part of the same selloff. Worst case: if oil breaks the week's low of $87.13, energy stocks keep falling harder than tech; it's on my radar.
#Economy #Selloff
Watching: $XLE $USO $SMH
→ Crude oil (WTI) fell 12.8% on the week; it is at $88.1 today, down 15.4% since Oct 30
→ Energy moves about 2.7% in a normal week; this is the 12th weekly drop above 11% since 2000
→ Same week: chips (SMH) −12.9%, S&P 500 (SPY) −3.4%
I think energy is no longer a safe haven; it's part of the same selloff. Worst case: if oil breaks the week's low of $87.13, energy stocks keep falling harder than tech; it's on my radar.
#Economy #Selloff
Watching: $XLE $USO $SMH
