It was just yesterday, that while suggesting oil is close to turning bullish soon, after two years of a bear market, I said it would pullback first. My window was Friday or Monday to enter positions with a target between $71-$72.66.

I didn’t think the pullback would come with such a large one day drop as is occurrying today, but to reach my target prices and relatively short window, I guess I shouldn’t be surprised. Given we exceeded the $77.20 intraday yesterday that was my marker for the future bullish call, the uptrend should resume by next week at the latest.

My preferred play of XOM on a pullback, can be bought between $120 and $122. It is down sharply today and almost at my target. (This is not investment advice, just my opinion.)