Integrated Energy Stocks Fuel Higher
The major stock indexes continue to struggle this morning as the leading indexes trade slightly lower on the session. The large integrated energy stocks are the one strong sector today bucking the recent stock market trend. The energy stocks account for roughly 16.0 percent of the S&P 500 Index.
This morning, Exxon Mobil Corp.(NYSE:XOM) is surging higher by $1.64 to $81.64 a share. The company announced a major oil discovery in the Gulf of Mexico. This news is helping to lift the shares of the stock this morning. XOM stock should have intra-day resistance around the $82.12 level. The stock could see an intra-day pullback around this area.
In sympathy to the Exxon Mobil news, stocks such as Chevron Corp.(NYSE:CVX), and ConocoPhillips(NYSE:COP) are trading higher as well this morning. Traders can look for intra-day resistance on CVX around the 100.50, and 101.00 levels. COP stock will have intra-day resistance around the $72.00, and $72.50 area. Whenever stocks trade higher in sympathy it is prudent to follow the leading stock for overall direction. In other words, XOM is the leader this morning.