Dow: +23.76…
Nasdaq: +11.49... S&P: +4.80…
With crude oil approaching 50 bucks again its natural to see energy stocks get put back in play. As you can see in the chart above, the energy sector broke above their early June highs today.
We have ECA, DVN and WPX and they all had great days.
In other news, biotechnology (IBB) is now in a trading range between 287-299 and is consolidating the move off the 240 level.
Please note that PBYI triggered today.
As the summer days continue to unwind, I expect to see much more lethargic action, probably into middle end of September. Stock selection is everything and having exposure to the right sectors will be key.
See you in the morning.