Looks like it took the crude traders a little while to digest the reports — what I’m hearing is that they didn’t like the gas build, but for the moment it looks like this has capped a breakout. XLE has retraced exactly 50% of this morning’s move. Watching it closely to see if it consolidates or comes back in. So far the broader averages are pretty much ignoring all this.

I agree. Crude has traded up to the previous highs as it waits, and it really acts like it wants to break out. The stocks are certainly on that page. If that’s what happens, then all the big sectors will be bullishly in gear.

Thx for the heads-up schooner. A bullish or bearish crude report is likely to impact the equity markets as well.