Weekend Dec 7 2019
I believed oil prices would bottom this fall, and it appears the process started with a low last August.
Now commodity prices in general appear to be breaking out
GSCI
I drew the parabola a few weeks back, one can see at the arrow it is challenging the neckline of the inverse H & S parttern
I expect a break out. We will show other charts that seem to confirm this idea.
After a negative news release, Apache fell from 23 to 19. It jumped 7.6% Friday to 19.99. Could that last bit of bad news have formed the bottom?
XLE Energy ETF
This triangle should break out to the upside, nice 19% move up Firday.
XES is up 6% for the week.
As Richard Russell used to say, weekly charts are more important than daily. Here XES had a great week, and the PMO has crossed to the upside.
Energy service has been the laggard so this is very encouraging. PTEN jumped 9.66% this week. Time to buy.
Nustar NS
We mentioned Chair Greehey bought $15 M worth of NS. It is challenging its 200 week MA. I expect it will vaut that in the next couple of weeks. Again, bullish for energy sector.
Energy Trusts
Prudhoe Bay Trust BPT +6.88%
Canadian Natural Res CNQ +4..64%
Encana ECA +3%
Kimbell Royalty KRP +..69% but had risen all week
You get the idea, positive results
Alerican AMLP did not really join the party up .52%, the precent increases above are in price.
Investors are buying copper and stocks while selling bonds and gold. This is bullish for some retailers, we like Tanger Outlet Mall SKT sporting a far 9.23% dividend yield
The outlet mall Tanger operates in San Marcos, TX is one of the five largest tourist attractions in the state. After years of sell off with the concerns of on line shopping, this looks favorable
5 16 PM CST
More to follow tomorrow
Looks like energy is shaping up really well for the New Year
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