I started biting off chunks near yesterdays lows and have been adding positions through the day. Earnings should be really good but I think more people are interested in guidance which is likely to be really uncertain with China lockdowns with so much stress on supply chains already.
There’s a two headed lie in the markets though. If Chinas lockdown are that impactful and everyone is really staring at a coming recession then oil should be going down with markets. As long as oil is going up or holding I’m betting it is Wall St just throwing a temper tantrum over Fed tightening and it’ll bounce back fast.
If oil starts to give up big ground then I’ll get a lot more concerned this is just the early stages of a bigger slide.