Morning Comment: Energy Stocks Poised or a Powerful Breakout


The energy stocks have been lagging the market all year (until very recently)...and they are now poised to breakout in a powerful way if the energy stock ETF (the XLE & XOP) can break above the key resistance levels that are just above where they are trading right now.

If they can indeed breakout, the "calendar" could/should turn the situation where "forced buying" gives the energy stocks a powerful boost into year-end. No, we're not just talking about short covering. A breakout here will create a major incentive for all institutional investors (who are very under-owned in the sector) to flock towards the group in a significant fashion.

To see the key resistance levels we're talking about...and to hear why it should create substantial buying in the sector as we move through the rest of the year, please click here to subscribe to my market newsletter, "The Maley Report" (TheMaleyReport.com).



Matthew J. Maley

Managing Director

Chief Market Strategist

Miller Tabak + Co., LLC

Founder, The Maley Report

TheMaleyReport.com

275 Grove St. Suite 2-400

Newton, MA 02466

617-663-5381

mmaley@millertabak.com


Although the information contained in this report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This report is for informational purposes only and under no circumstances is it to be construed as an offer to sell, or a solicitation to buy, any security. Any recommendation contained in this report may not be appropriate for all investors. Trading options is not suitable for all investors and may involve risk of loss. Additional information is available upon request or by contacting us at Miller Tabak + Co., LLC, 200 Park Ave. Suite 1700, New York, NY 10166.

Posted to The Maley Report on Nov 08, 2019 — 9:11 AM
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