December 8, 2020, 11:17 am EST
Market Leaders: Energy
Ask yourself this question: Who are the leading sectors and stocks in monthly, weekly and even today’s performance ? The answer may surprise you because it is not technology / internet (AMZN, AAPL, FB, GOOGL, MSFT), it is energy.
As shown in the featured picture for Sector Bar table and chart, energy takes the number one spot in all categories: today (+2%), weekly (+8%) and monthly (+35%).
Can energy climb even higher from the current level for 2021 ? It is very possible. Falling US dollar, rising demand from industrial activities and more economic activities from COVID-19 contribute an optimistic view on energy after the dismal year 2020. Oil price hammered from $110 to $30 in 2020. Most energy stocks were in the basement for most of the 2020. But using Exxon Mobil Corp (XOM) as an example, you can see October hit the bottom and November began its uptrend journey.
In summary, the energy sector was an underdog in 2020 but a turnaround story might be developed. It is worth of attention to consider like its Energy ETF (XLE), mega players (XOM, CVX), or many individual energy stocks (MRO, FTI, APA, OXY, etc)