Integrated Energy Losing Steam
This morning, all of the leading integrated energy stocks are coming under selling pressure along with the major stock indexes. The energy sector accounts for nearly 15.0 percent of the S&P 500 Index, therefore, this index is extremely important as it holds a lot of weight in the market.
Exxon Mobil Corp (NYSE:XOM) is the largest leading energy stock in the market. XOM stock is declining lower today by $1.09 to $80.26 a share. Traders and investors should always follow this energy giant as it has the largest market capitalization in the stock market at $384 billion. XOM stock will have short term intra-day support around the $79.85 area.
Other leading integrated energy stocks that are trading lower this morning include ConocoPhillips (NYSE:COP), and Chevron Corp (NYSE:CVX). Often these leading stocks will find support and bounce higher when the U.S. Dollar Index declines and pulls back intra-day. Therefore, all traders should follow the U.S. Dollar Index very closely when trading the integrated energy stocks.