Whilst the broader equity market settled moderately weak, there was significant weakness in the energy sector. Chesapeake (CHK), Consol (CNX), and Transocean (RIG), settled lower by -7.4%, -7.4%, and -3.0% respectively. Near term outlook remains weak, with new multi-year lows due.
Suffice to say... the strong dollar is not helping the commodity dependent stocks.
There is ZERO reason why the Aug/Sept' lows will be able to hold.
Frankly, there has been only a little capitulation within the energy sector, and it still seems a case of waiting for a few of the mid-size names to implode... and disappear.
Of CHK, CNX, and RIG, I most favour CHK... and least... CNX.
As things are.. there seems no point in getting involved (long side) for any commodity focused stock for at least some months.