Energy Stocks Retreat
All of the leading energy stocks are declining lower this morning. The popular and highly followed Energy Select Sector SPDR ETF (NYSEARCA:XLE) is trading lower by 0.37 cents to $72.05 a share. Short term traders should watch for intra-day support around the $71.50 and $71.00 levels.
Most of the leading energy stocks that are coming under early selling pressure include Exxon Mobil Corp (NYSE:XOM), Devon Energy Corp (NYSE:DVN), and Chesapeake Energy Corporation (NYSE:CHK). All of these stocks are weighing on the sector. The energy sector accounts for roughly 16.0 percent of the S&P 500 Index. Generally, the energy stocks will inflate or trade higher when the U.S. Dollar Index declines.