Energy Stocks Run Out Of Steam
This morning, all of the leading energy stocks are coming under some selling pressure. Leading stocks such as Exxon Mobil Corp (NYSE:XOM), and Chevron Corp (NYSE:CVS) have been exceptionally strong as of late, therefore, a pullback today is due. These market leaders are trading lower today by over 1.0 percent. Short term traders can watch for intra-day support on XOM around the $85.00 and $84.70 levels.
Some other leading energy stocks that are trading lower include ConocoPhillips (NYSE:COP), Devon Energy Corp (NYSE:DVN), and Tesoro Corp (NYSE:TSO). Most energy stocks still remain strong on the daily charts, therefore, it is possible that this decline is just a short term pullback. The strength in the U.S. Dollar Index is certainly causing the energy stocks to be weak today. Should the U.S. Dollar continue to remain strong it is possible to see lower prices in most of the leading energy stocks. On the flip side, if the U.S. Dollar Index declines these stocks will likely see a short term bounce intra-day.