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The Week Ahead 2026.05.03

Bob Elliott · Nonconsensus · May 03, 2026 at 22:06 · ⏱ 2 min read  | Read on Substack ↗
Summary
The author observes that the stock market is currently ignoring rising oil prices and bond yields. The two major near-term tests for the ongoing bull market are identified as the upcoming employment report and tightening conditions in the oil market.
  • •Stocks have remained strong despite a recent rise in oil prices and yields.
  • •The upcoming employment report is a significant near-term catalyst for the market.
  • •Tightening conditions in the oil market are presenting another test for the bull market's resilience.
Read time 2 min
Length 2,074 chars
Category finance
Ideas
Bob Elliott CEO & CIO, Unlimited; ex-Investment Committee, Bridgewater
The author sees an inconsistency between elevated forward oil prices and the equity surge relative to bonds, suggesting oil is overvalued relative to the economic outlook.
USO HIGH
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This newsletter, published May 03, 2026, features Bob Elliott discussing USO. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Bob Elliott  · Tickers: USO