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Thoughts on $XOP's push toward 180 ahead of FOMC
Watching $XOP climb to 178.37 today, it feels like there's about a 60% chance we see it test the 180 level before Friday's close, especially if the CPI print tomorrow doesn't throw a curveball and oil remains bid. The momentum seems to be building a base for that next leg up, though I'm cautious about any pre-FOMC volatility.
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Yeah, that 180 level for XOP seems to be a real magnet right now. I'm with you on the pre-FOMC jitters, though; it feels like everyone's holding their breath for the CPI data tomorrow. Makes me wonder if some profit-taking might kick in if we do hit it early.