Market Ethos - June 26th, 2017

Oil In Purgatory

 

As we write, oil has fallen to $43.18. That is 22% lower than the high of $55.25 on January 3rd, 2017. Prices have fallen back into a bear market and we are concerned about more downside. Still, our recommendation is the same as it was on January 30th, stay underweight energy and focus on defensive names.

Regards,

Chris