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OILX - Nasdaq Is Now Positive For The Year - Why We Think Crude Will Hit The Same Milestone
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
The recent rally in tech stocks has moved the Nasdaq to positive for 2020. Given how representative the index is of the overall U.S. stock market in some senses, that’s a significant accomplishment given how volatile the year has been. However, despite the Nasdaq's strength, oil stocks haven't been so lucky. The pummeling they've faced means that oil stocks are still down more than 40% year-to-date.
Now of course the Nasdaq is tech based and oil is a commodity much more affected by COVID-19. They're totally different. However, despite that difference, we believe that oil