|Day Low/High||111.34 / 112.98|
|52 Wk Low/High||110.42 / 127.34|
While this name may not appear like it's ready to pump up, I have some good reasons to invest in it.
What you have is a geopolitical event that markets were not positioned for.
Also: People's Bank of China, the Fed, U.S./China trade deal, Brexit, USMCA.
CVX - and XOM - have just spun their wheels the last few weeks despite strong oil.
Company takes on challenges to cut risk and raise return, and now the technical picture shows it's primed for a quick $5 to $7 move over the next few weeks.
The Fed is on pause as far as targeting short term rates goes, and that is how it should be at this time.
At a time when OPEC is bent on keeping their cuts in place and U.S. shale might start to produce less and less, we could be entering an era of higher oil prices.
Looking for value? You will find opportunities across a variety of energy markets.
Chevron is a safe name in the oil and gas industry -- and offers a 4% yield.
What is really driving this rally is the inability of algorithmic traders to moderate their buying.
The nation enters an electoral season. The drug companies for the most part, have no friends on either side of the aisle.
When an issue this big comes to market, institutions and fund managers make room in their portfolio ahead of the IPO. This means oil names will be a source of shorts in any portfolio.
Let's check out the charts and indicators of WEX this morning.
There are several things that bug me right now about this stock.
I railed against it broken-record like for months on end. It's here now, it's hurting the market, and it's only going to get worse.
That the market didn't plummet following the strikes on Saudi oil facilities shows big differences in our economy and reliance on foreign oil compared with just a decade ago.
Chevron and Exxon Mobil appear more attractive than this stock right now, and the oil sector as a whole should be watched for at least the next couple days.
The drone attacks on Saudi oil operations even could influence the Fed's thinking on inflation and rates.
This weekend's attack on Saudi refineries adds one more variable to bolster prices.
Should competitors act in a way that puts the U.S. economy at a disadvantage, then by all means the FOMC must act with a level of anger that intimidates.
About the upcoming U.S./China talks, call me skeptical, but I trade the environment, and not my starchy views on what is versus what should be.
OPEC has no idea how much oil prices can fall, but current prices are not acceptable to the organization.
Market indices are close enough to their apex where profits can be taken and cash be raised intelligently.
Oddly enough with a stronger U.S. dollar (the U.S. Dollar Index has been above 98 all afternoon), both gold and WTI Crude remain up for the day, even if off lows. The Energy sector, by the way, is today's underachiever, eleventh out of eleven sector...