Energy Stocks Blast Off
This morning, all of the leading energy stocks are surging sharply higher. Exxon Mobil Corp (NYSE:XOM) is the world's leading integrated energy stock in the market and this energy giant is trading higher by $1.50 to $75.06 a share. When XOM's stock rallies higher most of the other leading energy stocks will follow. This stock will have intra-day resistance around the $75.25, and $76.00 levels.
Other leading energy stocks that are trading higher include Chevron Corp (NYSE:CVX), and ConocoPhillips (NYSE:COP), and BP plc (NYSE:BP). Traders should keep a close eye on the U.S. Dollar Index. As long as the U.S. Dollar Index continues to decline throughout the trading session the energy stocks are likely to remain very strong today and possibly inflate higher. Today is also the Columbus Day holiday in the United States and the trading volume is likely to be on the light side. Light volume will generally favor the upside.