Friday's "rally" was extremely low volume in the morning session and there may have been considerable short covering in the afternoon to contribute to the early gains.
Oil in the form of XLE has been unstoppable and there's every reason to belief it's only going higher.
Political instability is not limited to the Ukraine, Iraq, Africa and pockets of new unrest seem to appear daily.
While the rising cost of oil and gas to US users can be traced to questionable govt. policies favoring exports over domestic markets leaving consumers to OPECs whim, the net effect of foreign conflicts only exacerbates the problem and provides fuel for oil supply uncertainty fears and the subsequent excuse to raise prices.....just my opinion. Meanwhile...XLE is showing superior momentum and relative strength.
