Please enable javascript in your browser to view this site!

Energy Surge Fuels Stocks as WTI spikes to new 2016 closing highs

Crude surging back to new closing highs (at current levels) for 2016 following the news regarding a possible Russian/ Saudi Output freeze ahead of this weekend's Doha meeting-  Trends remain bullish, and is one reason why many of the other reasons for Equities pulling back really haven't worked-  Given today's move, a rise up to the mid-40s is definitely possible ahead of this coming weekends meeting, and Energy should be considered a source of ongoing strength in the near-term

Of the 20 BEST performing names of the SPX today, 17 are energy names with all the top 20 being higher by 3.8% or higher, with names like MRO, MUR, RRC, APA, HES, PXD, CXO, SWN all pushing up to new monthly highs.

XOI lifting to the highest levels since mid-March, but a very bullish technical formation that should allow for new 2016 highs being right around the corner

Exploration and Production stocks have been a particular rich source of outperformance, with names like REXX, SDRL, BBEP, TAT, WTI, ORIG, WLL, AREX, UNT, VNR, ERF, NOG, KEG, BBG, ESV all up MORE than 10% with REX, SDRL and BBEP up more than 20%.  

Overall, this move in energy does not look likely to reverse course ahead of this weekend and Energy should be considered a good source of risk/reward names for longs with a short-term perspective, based on recent technical outperformance

This week's Weekly Technical Perspective discusses the Gold stocks and what's in store, and can be found at