I will come back to XOM as a core short position, but I think it can be had at better prices as much as I hate to close any short at a time like this, XOM just looks due for a correction, it seems to have gained strength from around the same time as the overall market, starting around the 16th.
This does not appear to be an Energy sector move in itself other than the general bounce Energy should see with the broad market, XOM looks to be further out than that, for instance the divergences in the Bull Energy 3x ERX are not there like XOM's.
I will be looking to return yo XOM as a core short, just at higher prices.
XOM 15 min chart with a sharp leading positive divergence,
this 15 min chart tends to lend more credibility to a bounce above and beyond yesterday's action, I think that's just a start of a start.
XOM is oversold as well, for Wall St. to renew this trade they'll have to bounce it.
XOM intraday was perfectly in line and now positive.
ERX the bullish 3x energy ETF shows a 3 min positive divergence so it should bounce overall with the broad market, but...
At 15 mins, there's nothing at all like XOM or the rest of the market.
For that matter, the Energy Sector, XLE is very similar.
No 15 min positive or leading positive divegrence,
this appears to be contained more specifically to XOM.
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