Energy Stocks Signaling Higher Oil Prices Ahead

by Dan Norcini
Trader Dan

There is no denying how eager money managers and other large players seem to be in acquiring energy shares in their holdings. Compared to many other asset classes, they are viewed as cheap to own.

Take a look at how strong the XLE is. I should note that there are more than a few select energy shares that have already completed bullish upside breakouts on their individual stock charts. As an overall view of the asset class, the XLE is however a good proxy for sentiment in general towards energy.

What has caught my attention is the level at which the XLE is trading in comparison to the price of crude oil futures.

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