Mark Newton of Newton Advisors also believes the low isn't in for crude.
"I know it's tempting to think we've had this giant decline and it's ripe for this group to bounce back, but you really just need to see more signs of stabilization," he said in the same "Trading Nation" interview.ETF, " should likely continue to underperform the greatest," even though it is drastically underperforming now.
"To put things in perspective, XOP, the exploration and production ETF, has fallen now 66% in the first 13 weeks of the year, so that's over 5% a week," Newton added. "To even expect some type of stabilization, you really need to see a move up over $36, which was hit last Thursday, and that could potentially help this group get into the low to mid $40s."
ExxonMobil and Chevron have fallen 46% and 40% respectively, but are still outperforming the energy sector as a whole.
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This is the dumbest sector in the US. Think long and hard before putting any money into this. Now that OPEC doesn’t manage their business for them anymore they are screwed
Oil is a very good buy at the moment..... this is like walking into a sweet shop and being lost for choice. Some good deals out there.
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