Energy just fell 4% in a week—here's the biggest area of weakness, according to one strategist $XLE (via TradingNation)
"We think with further rate cuts, they'll become more attractive," he said. "Valuations are a little bit intriguing for the longer term, but right now, we think there's just a little bit more chop to come."
Bill Baruch, founder and president of Blue Line Futures, agreed about the potential for near-term chop.and the energy sector," he said in the same "Trading Nation" interview. "I think there's lower to go, but a lot of that narrative has played in here in the near term: deteriorating global growth, the seasonally weak time of year, the fact [that] Saudi Arabia was able to come back online quickly.""fade a bounce""If you look at ...
"If ... you're trying to find somewhere to invest in the energy sector here just in the near term, there is some value in places like"You have a long-term trend line [that] comes in near 20 bucks. It's priced very cheaply as well," he said, suggesting investors "look for a move back up to one of the trend lines."
"It could get above 30 bucks if this sector starts to pick up a little bit," Baruch said. "But overall, I think rallies are better to be faded here."
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