Zacks’ Voice of the People Highlights user inthemoneystocks: “Energy Stocks Lead Market Higher” from the People & Picks community.
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Energy Stocks Lead Market Higher
This morning the major stock market indexes are all trading sharply higher. The move higher is broad based and comes as the U.S. Dollar Index drops sharply. The one sector that is leading the markets higher is the energy sector. Energy stocks accounts for about 20.0 percent of the S&P 500 Index, therefore, when this sector rallies the index will often trade higher.
Exxon Mobil Corp. (XOM) is trading higher again by 0.58 cents to $67.50. This stock has been rallying since late August with the rest of the stock market. Exxon Mobil Corp. is the leading energy stock due to it’s massive market capitalization. The stock continues to be very strong on the charts trading above the daily 20, 50, and 200 moving averages. Please remember Exxon Mobil Corp. and most other energy stocks will benefit from a weak U.S. Dollar Index. The next important resistance level for Exxon Mobil Corp. will be around the $70.00 level.
Chevron Corp. (CVX) and ConocoPhillips (COP) are also trading higher this morning by nearly 1.0 percent. These stocks are the next most important stocks in the energy sector. However, the daily charts on these stocks are not as strong as the Exxon Mobil chart. Therefore, these stocks could decline sharply should the U.S. Dollar Index start to catch a bid and put an end to this stock market rally.
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CONOCOPHILLIPS (COP): Free Stock Analysis Report
CHEVRON CORP (CVX): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
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