Call toll-free 800.328.1267
Energy’s gone from forgotten to en fuego quicker than you can say “missiles over Damascus.”
Crude oil (@CL) hit $67.45 this morning, its highest level in 2-1/2 years. It’s up almost 8 percent on the week, its biggest three-session rally since December 2016.
There are two obvious catalysts. First, China’s decision to lower tariffs made the market sigh in relief. Fears of a trade war quickly morphed into greed for a commodity closely associated with global growth. Then early this morning, President Trump threatened to launch missiles at Syria.
Did you see our post on crude’s breakout last month? Make sure to visit
Market Insights every day for the latest news and analysis!
For a sense of how dramatic the surge is, consider the fact that the SPDR Energy ETF (XLF) came into the session down about 3 percent on the year. It’s pretty much gone nowhere forever, even when the broader market was making new highs in January.
But this week, XLE’s 5 percent gain makes it the strongest major sector fund. Digging into the components on RadarScreen® we find that all the 31 member stocks are up since Friday’s close.
The price chart might also have something of interest for technicians because the rally places XLE firmly back above its 50-day moving average for the first time in over two months.
SPDR Energy Fund (XLE)
The stock market is bouncing after a dip. Are any companies stabilizing as sentiment recovers? Today's article will consider a method for discovering potential opportunities. It uses TradeStation's EasyLanguage scripting tool to create a custom indicator, which can...
Energy stocks have led the market this year, and now they've pulled back. The S&P Select Energy SPDR fund (XLE) jumped to $98.97 last Friday -- the highest level in almost a decade. It pulled back this week and touched $93.73 before bouncing. That was just $0.04...
Uranium miner Cameco has been stuck at an old high, and one big options trader is bracing for a potential drop as earnings approach. This large transaction was detected yesterday in CCJ, unfolding in several blocks over the course of the afternoon: Some 30,000 May 45...