Crude oil is higher on yet another dramatic inventory draw.  That’s the good news. The bad news is inventories have only gotten back to where we began 2017.  Nonetheless, the trend is gaining momentum, and it might stick, as word is the industry wants to avoid shooting themselves in the foot with too much production at lower price levels.

Beyond crude, the rally seems very tired now.  Although this is the best point gain in a single session for Boeing since going public, the coattails are weighed down by the fact the market has made a remarkable move in a short period of time.  It’s not an indictment of the rally, it’s just the way things work.  I would be pleasantly surprised if we rallied into the close and think the best case scenario is to stay the course here.

Meanwhile, I’m disappointed with the pullback in steel and steel-related stocks, but I continue to see huge upside potential for the remainder of the year.  We’ve taken a lot of action, so make sure your tracker is up to date.