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Crude oil held below $70, a key psychological level, on Tuesday.

The oil market bore the brunt of a major sell-off on Wall Street to begin the week with the spread of the Covid delta variant raising fears of a slowdown in the economic recovery. OPEC and its allies over the weekend also reached a deal to boost production.

In an interview with CNBC’s “Trading Nation,” Boris Schlossberg, managing director of FX strategy at BK Asset Management, said he is long energy. 

“Despite the volatility, I continue to like the sector, because I think this is just a hiccup,” he said on Monday. “Oil is definitely going to stay pretty much at these levels, perhaps even rise a little further as the economy begins to improve.”

Schlossberg has his eyes set on Halliburton, which reported earnings before Tuesday’s opening bell.

“That’s my favorite trade in the sector right now,” he said, pointing to the company’s exposure to the North American market and the strong margins from its fracking business.

Schlossberg also highlighted Halliburton’s venture into the cloud and artificial intelligence, which allows the company to use less capex and human capital to create revenue. He sees the stock jumping to $30 a share within 12 to 18 months. 

“All of these margins are really going to start to rise as long as oil stays at around these levels, doesn’t dip below $60,” he added. 

Shares in the oilfield services company jumped 5% on Tuesday after it reported earnings that beat street estimates by 3 cents a share. The company also posted its second straight quarterly profit.

Ari Wald, head of technical analysis at Oppenheimer, is steering clear of the group, though. He pitched a pairs trade that could work to take advantage of anymore downside in the space — go long the XME metals and mining ETF and short the XLE energy sector ETF.

“You’re at these crosscurrents [for the XME] … We still like it long term,” he said. “Energy just has a much poorer long-term structure.”

The XME ETF is up 20% this year, while the XLE has risen 26%.

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Polestar 2 lease price drops to $299 a month thanks to new $10k discount

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Polestar 2 lease price drops to 9 a month thanks to new k discount

Thanks to the $10,000 Polestar Clean Vehicle Incentive introduced last week, 2024 Polestar 2 lease prices are now over $120 a month cheaper.

CarsDirect reports that through May 31, the 2024 Polestar 2 Long Range Dual Motor can be leased for $299 for 27 months with $3,299 due at signing. 

The auto research portal says that’s a $50 drop in the monthly payment with $2,050 less required at signing. As a result, the effective cost fell $126, from $547 per month to $421 before taxes & fees.

The Polestar 2 Dual Motor – list price $55,300 – is a much better deal to lease than the Single Motor model – list price $49,900 – because amazingly, they have the same lease price. That’s basically a free upgrade to the Dual Motor model.

The Polestar 2 first made its debut in 2019 as the automaker’s first fully electric car. It launched in mid-2020 and the milestone 150,000th car rolled off the assembly line in August 2023.

The Polestar 2 is expected to be phased out in 2027, and company says the Polestar 7 will succeed it.

Click here to find a local dealer that may have the Polestar 2 in stock. –affiliate*

Read more: 2024 Polestar 2 first drive: Dual motor shines on the road, but the single motor’s range is a big win


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When will Tesla cars be capable of unsupervised full self-driving (SAE Level 5)?

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Elon Musk outlines upcoming Tesla Full Self-Driving updates

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Elon Musk outlines upcoming Tesla Full Self-Driving updates

Elon Musk has given an update with an outline for Tesla’s upcoming Full Self-Driving (FSD) software updates.

With FSD v12 and the upcoming launch of Tesla’s dedicated Robotaxi, there’s a lot of excitement around Tesla’s self-driving effort.

Musk is again in the too-familiar position of predicting that the automaker is close to releasing a true self-driving system, but the path to get there is still far from clear.

Now the CEO is providing some new comments on the upcoming release schedule for FSD:

“12.4 has almost completely retrained models. The final touches are for comfort, as it sometimes accelerates or brakes too fast for most people’s taste.”

Tesla FSD drivers are currently on 12.3.6 and the .4 update is expected to be a bigger step change, which Musk appears to confirm by saying that Tesla “completely retrained” the models.

The CEO recently said that Tesla is no longer constrained by training compute power after bringing more capacity online, giving the FSD team more opportunities to retrain neural nets with increasingly cleaner data.

Musk then continued about Tesla’s upcoming updates:

12.5 and 12.6 are in various stages of testing. We’re getting into rare, complex situations, for example: going down a narrow, one-way road, encountering a road closure and having to reverse out to find a new route. That closure also needs to be communicated to the rest of the fleet, so you don’t get a whole bunch of Teslas stuck down a road.

There’s no timeline for these upcoming updates beyond the fact that they are currently in internal testing, but Musk did say that v12.4 could come to the Tesla fleet as soon next week.

Electrek’s Take

Again, I’ve been impressed with v12.3.3-4. I’ve just got v12.3.6, but I haven’t had time to test it yet. I plan to do that this weekend. Also, I’ve been saying that if I start seeing decent improvements with the upcoming updates, I think I’ll start to see a clearer path to Tesla finally delivering on its promise – or at least a level 4 self-driving system.

However, as usual, when talking about FSD and especially when praising the system, I think it’s important to remind everyone that the keyword in ‘Supervised Full Self-Driving’ is ‘Supervised.’ Drivers need to remain attentive at all times and ready to take control.

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