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.