The thesis I posted last October about the Conoco/Exxon spread narrowing (with COP selling off after having been a strong winner and laggard XOM rallying sharply) has done so in a bold manner. With this in mind, and sticking in the energy space, Marathon Oil is sporting a chart which has the makings of further weakness. T
he stock has been a short idea of mine in 12631 over the weekends in my Strategy Session for a while now, and looking at the weekly chart you can see why, in danger of breaking down from the weekly chart consolidation highlighted by the light blue lines.
Earnings are scheduled for February 5th.
What is your on watchlist this morning?
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Abq. still looks like that today – Route 66/Central…not sure if the COP sign is still there though
ABQ, baby