Monday morning, the major stock indexes all surged higher on the session. Most leading stock sectors participating in the move higher made this a broad based rally. The one sector that every trader and investor should follow closely is the energy sector. The energy sector accounts for roughly 16.0 percent of the S&P 500 Index. Yesterday, almost every leading energy stock traded higher on the day helping to fuel the rally in the major stock indexes.
Traders can easily follow the Energy Select Sector SPDR (ETF) (XLE) and see that it is trading higher by $1.61 to $70.52 a share. When the XLE climbs most every leading energy stock will follow. While the XLE will give traders a broad sense of the sector the leading stock is Exxon Mobil Corp (XOM). This stock is surging higher by $1.59 to $88.01 a share. Short-term traders can watch for intra-day resistance around the $88.56, and $89.00 levels. The daily chart of XOM has been very oversold recently so short covering could push the energy stocks even higher in the near-term.
Some other leading energy stocks that climbed higher yesterday include Chevron Corp (CVX), Devon Energy Corp (DVN), BP plc (BP), and ConocoPhillips (NYSE:COP). All of these stocks will generally trade higher when the U.S. Dollar Index declines or trades lower, that was certainly the case at the start of the day. Should the U.S. Dollar Index somehow catch a bid higher the energy sector could pull back from the session highs.
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Energy Stocks Fuel Market Rally
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