That’s part of the title from the Energy Sector report, linked here.
Those exact words were used just hours prior, in the pre-market update.
“Downward pressure is increasing.”
The short position in the sector is being maintained via DUG (not advice, not a recommendation).
The stop is set to be moved after today, based on price action.
Using USO as the proxy, oil is pushing a little higher as of this report (12:41 p.m., EST) probably because the dollar’s probing new lows.
Even though the dollar’s at lows, action thus far is reversal. A UUP close above 24.38, may signal trouble for those that are short.
The markets continue to be stretched to extremes. Based on data thus far, Energy Sector appears to be reversing (again) first.
Since that sector’s in a long term down-trend, XOP reaching its highs way back in June of 2014, we’ll remain focused on DUG.