If the spike was the anti-viral news spiking it, maybe people realized that anti-virals are really dangerous and while may help minimize the deaths from COVID-19 in combinations with current self-isolation, it should not reduce the self-isolation.
If the spike was the afterglow of all the announcements of opening economies, maybe people started realizing we are still a month(s) away before a meaningful increase in oil demand back to norms.
If the spike was due to the Russian news, maybe people realized that the news is a drop in the bucket compared to the overall oversupply issues.
I exited my CVE position this morning after the spike from WTI and Liberals oil package, as I think their earnings at the end of the month will be bad and I'm hoping to find a new entry point in May. It is weird normal I avoid O&G as long-term I think growth is very limited in that sector, but O&G and my cloud positions (I normally have investments in cloud and IT) have really helped my TSFA stay positive across the last couple of months.
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