Energy Bounce Lifts Markets Early
This morning, the major stock indexes are bouncing higher across the board. While most sectors are trading in positive territory, it is the energy sector that is leading the markets higher. The energy sector accounts for roughly 16.0 percent of the S&P 500 Index.
Exxon Mobil Corp.(NYSE:XOM) is the leading integrated energy stock in the stock market. Today, XOM is trading higher by 0.60 cents to $80.37 a share. Traders and investors must always follow the action in this stock as it has the largest market capitalization in the entire market at $400 billion. Therefore, when this stock trades higher on the session it is a good chance that the major stock indexes are trading higher as well. XOM will have intra-day chart resistance around the $80.65 and $81.00 levels.
Other energy stocks that are trading higher this morning include Frontier Oil Corp.(NYSE:FTO), ConocoPhillips(NYSE:COP), and Chevron Corp.(NYSE:CVX). Traders should follow Exxon Mobil very closely as this stock should lead most other energy stocks.