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PPI data came in above expectations today, but still, in the grand scheme of things, below levels that would give the Fed heartburn – if they even get heartburn.
Today we’re going to look at how crude oil, Texas tea, impacts that same inflation data. What’s more, we’ll look at my charts and see what we might expect if oil prices bounce from today’s levels and return to previous resistance.
Why the emphasis on oil? Well, I think we may have an opportunity to get into some long positions on energy stocks like Exxon Mobil (XOM), Chevron (CVX), and a few others I’ll name.
We’re also going to check out a topping pattern in the US Global Jet ETF (JETS), which is always sensitive to moves in crude – we could be looking at a bearish move there.
There’s a lot to unpack, so let’s get started…
