Energy Sector Loses Steam
This morning all of the leading energy stocks are under some sharp selling pressure. This sector has lead the major stock market indexes higher since August 2010, this when the Federal Reserve announced its quantitative easing program.
Some of the leading stocks that are trading lower this morning include Chevron Corp.(NYSE:CVX), ConocoPhillips(NYSE:COP), and Devon Energy Corp.(NYSE:DVN). Short term traders can watch for short term intra-day support on DVN around the $87.00 level. The is where scalp traders can look for a quick bounce trade. Please remember that the stock is weak today and the bounce may not last very long.