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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market crash: Financial crisis shows coronavirus drop may worsen - Business InsiderStocks are trading like they did early in the financial crisis — and it's proof to one Wall Street equity chief that the coronavirus crash will worsen Stock movements can't and don't predict the virus, they react to it. early.....short short short the shit Here is an informative video we made about the impact the virus had on stocks:
Source: BusinessInsider - 🏆 729. / 51 Read more »
Microsoft 'might be the best tech stock in this market,' Jim Cramer saysDemand for cloud computing services has spiked during the coronavirus outbreak and Microsoft has been a 'huge beneficiary from the lockdowns,' the 'Mad Money' host said. Look to instructional design LMS systems companies. Blackboard, Desire2Learn, et al. GatesFoundation Microsoft will ride this thing out, solid, and at times like these solid is important ✌️👍
Source: CNBC - 🏆 12. / 72 Read more »
Stock market live updates: Futures volatile, Dow's best week since 1938, Trump extends guidelines“We are going to have bankruptcies, and bankruptcies unfortunately destroy the capital structure completely,” Allianz’s Mohamed El-Erian says. “It is a very selective game right now, rather than calling the all clear and going in for indices.” But you don't help and say who to buy? Tell that to the house dems who loAded the stimulus bill with pork! That money could have been better spent. Time for some MAX PAIN
Source: CNBC - 🏆 12. / 72 Read more »
Stock market live Monday: Dow rises nearly 700, J&J vaccine hope, oil 18-year low“We are going to have bankruptcies, and bankruptcies unfortunately destroy the capital structure completely,” Allianz’s Mohamed El-Erian said this morning. “It is a very selective game right now, rather than calling the all clear and going in for indices.” Joe should probably consider a shirt neck size a little bigger. He looks like a tick about to pop. elerianm thank you for your information. Stay safe👍🏻 Cross your fingers that the corporate bailouts and small business loans have enough juice to June stevenmnuchin1
Source: CNBC - 🏆 12. / 72 Read more »
Some stocks for a quick trade and some names for the long term amid the market turmoilNew for subscribers: Some stocks for a quick trade and some names for the long term amid the market turmoil Check out CNBCPro and get your first 30 days free. Pro KeithMcCullough CNBC is now in the subscription biz lol Pro This is an ultimate low for selling subscriptions. How can you be a real journalism company and sell subs.
Source: CNBC - 🏆 12. / 72 Read more »