Oil is climbing the stairway to Heaven. We are in an interesting world where price signals are all over the place due to the manipulation of markets by governments. With inflation driving the market it would seem realistic for oil to break out into a new high. The question is, do we have a massive market sell-off that drives many asset prices down as the acts like the 12-year-old threatening to run away from home? Do they actually do it? Is it all talk? Only time will tell but be watching for a pivot back to QE or fewer rate hikes in the future. We all know that there are elections coming up the FED is likely to be put in place in order to make things go as smoothly as possible. The purple box is a nearby resistance zone and the red line is heavy top resistance. We have been playing XLE for quite some time with incredible returns and a good dividend.
Fed: " But MOM! You said we can play outside until the street lights come on!"
