It Was All About OPEC Today……If You Can Believe Them

Dow: +110.94…
Nasdaq: +12.84… S&P: +11.44…

Reuters reported mid afternoon that the characters at OPEC agreed on a freeze, but that the specific details wouldn’t be released until their November meeting. This was all that was needed though as crude popped over 5%. The rally started at around noon. That’s a 15 minute chart below.

Energy stocks also got a boost as the XLE saw a great squeeze.

Oddly I am still hearing reports that all this isn’t confirmed by the OPEC players. The market thinks so for now though. Tomorrow could be a hoot if this is all BS.

If this is all true, and they have reached an “agreement”, there is still a lot that can go wrong between now and November with these characters leading the charge. If it is real for now, then energy stocks and crude could squeeze higher for a couple of more days.

As a result of today’s energy action, NRP finally got off the mat a little bit and I added energy name SGY as a new long. If energy can stay strong, there’s a chance we could catch lightening in a bottle on this one.