People Still LOVE Oil


Traders remain somewhat cautious towards risk assets, as judged by our latest sentiment survey.

And in fact, they seem to view the SPX, Bitcoin, Apple (AAPL), and Tesla (TSLA) as one big asset.

But the biggest takeaway is that traders still love oil... which is no surprise given the Ukraine situation.

Let's jump in.

IMPORTANT: when we reference "traders" in this article, we are specifically referring to T3 Sentiment Survey respondents.

SPX: Bulls Easing Back In

Two weeks ago, SPX sentiment fell to an all-time low of 19%. It's since more than doubled to 40%, which still counts as bearish.

Bitcoin Sentiment Bounces

Bitcoin sentiment bounced up to 40% this week, exactly matching the SPX.

The bounce is to be expected given that Bitcoin came off the lows. 

Apple: Right in Line

Apple (AAPL) sentiment is right in line with the SPX and Bitcoin at 39%. Again, off the lows but definitely not bullish.

Tesla: Also In-Line

Tesla (TSLA) sentiment fell to 22%, an all-time lows, two weeks ago. It's since bounced up to 36%, roughly in-line with the SPX, Bitcoin, and Apple.

Gold Still Feeling Some Optimism

Gold sentiment hit a record high of 81% two weeks ago, and it's since fallen to 67%. Still, that leans towards optimism.

Oil Still Feels the Love

Oil has led the market in 2022, with OIH up 31% and XLE up 24%. So as you would expect, traders have been very bullish on oil.

And with the Ukraine situation continuing to unfold, oil is up big to start the new week. 

What Happens Now?

Traders are not bullish, but they are definitely not as negative as they were two weeks ago.

We'll soon see if the small rise in optimism is warranted.

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