XLE: be cautious but be SHORT. Next major low due early fall 2019 in WTIC. This analysis is independent of SPX, but conclusion is similar in that 3.3yr equity low is due May2019. Stocks lead the economy by 6 months, so an increase in input demand should come strictly from spec inventory building in anticipation of economic stabilization. Assuming XLE low in advance of WTIC low.
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