Shares of Sunoco Logistics (SXL) are up seven percent so far in 2016 after plummeting 34 percent last year. Robert Thummel, managing director, Tortoise Capital Advisors, said the energy storage and transportation company will continue to move higher now that oil and gas prices have stabilized. Thummel is also bullish on Pioneer Natural Resources (PXD) , up 22 percent year-to-date, pointing out that Pioneer has the largest acreage position in the most coveted part of the Permian Basin and a strong balance sheet. 'They will be growing production volumes by double-digits over the next two years,' said Thummel, adding that it is a top holding in the Tortoise North American Energy Independence Fund (NDP) . EQT Corporation (EQT) fell 31 percent last year, yet the natural gas driller has snapped back 47 percent thus far in 2016. Finally, Thummel is a fan of Spectra Energy (SE) which has seen its shares rise 43 percent in 2016 after a 30 percent drop last year.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.