In today’s briefing:
- XME, XLE Oversold Trade
XME, XLE Oversold Trade
- XME (metals/mining) and XLE are oversold rotation long plays for a rally off noteworthy support.
- SPX rally stall near 3,900 near term resistance (dip/rally) must be factored into commodity price action.
- USD is due for a marginal pullback that will provide fuel for oversold commodities. We like the AUD for a rally to 0.70.
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