XOM (inverted scale) seems to have a rough correlation with the U.S. Dollar Index
Full disclosure: I am building a long call position in XOM.
Dollar looks toppy here, but I believe it will trade sideways more or less until Powell's next FOMC in mid June. If he announces a "skip" then the DXY should start heading back down.
As that recessionary pressure is (may be) lifted, oil could see a nice bounce from these levels.
Full disclosure: I am building a long call position in XOM.
Dollar looks toppy here, but I believe it will trade sideways more or less until Powell's next FOMC in mid June. If he announces a "skip" then the DXY should start heading back down.
As that recessionary pressure is (may be) lifted, oil could see a nice bounce from these levels.
Note
correlation playing out since the post, big week for macro technical indicatorsNote
dollar absolutely nuked. good job jerome. oil companies lagging, but the sector and commodity look kinda bottom-yNote
forgot to update on this post, but on my other xom post i said i was out relatively quickly. super weak. stock. correlation not playing out here. holding a decent base for now, but there's better stocks to put your money in rn.Note
xom finally stopped lagging, but now the dollar is almost back at recent highs. hard to say go long oil here.Note
oil and dollar finally trading like a petrodollar again????
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.