Recap for the day on $USO $CL crude oil

Looks like a potential short-term bottom here at $72.50, but then again there are some headwinds facing oil right now

- Trump asking Saudis to boost production and lower prices
- Economic data proving no inflation, rather recession

And, $IVE / $IVW (value vs growth) spreads spiking to bring oil lower on pessimistic economic outlooks

Keep in mind that the $DXY convergence lower with $TLT bonds could bring a rally in $MCHI $BABA Chinese names

And

If Trump gets the lower dollar, then a $XLI $XLE breakout to go along would spike oil demand

Overweight still on $RIG $PTEN $HP with 6-9 month outlook ☕️
#USO #CL