This morning all of the major stock indexes are soaring higher. The rally is broad based as almost every industry group seems to be catching a bid. One industry group is helping to lift the Dow Jones Industrial Average(DJIA) and the S&P 500 Index sharply and that is the integrated energy stocks.
Exxon Mobil Corp. (NYSE:XOM) is trading higher this morning by $2.35 to $83.21 a share. This still is a major component of the DJIA and the S&P 500 Index. Exxon Mobil Corp. has the largest market capitalization in the stock market at over $400 billion. XOM will have intra-day resistance around the $78.50 level intra-day.
Chevron Corp. (NYSE:CVX) is also a major component of the Dow Jones Industrial Average and the S&P 500 Index. This leading energy stock is trading higher by $1.96 to $104.71 a share. Chevron stock will have intra-day resistance around the $105.25 area. Traders must realize while stock is strong today there is still some minor daily chart resistance around the double top area from March 1, 2011 at $105.00.
ConocoPhillips (NYSE:COP) is another leading integrated energy stock that is soaring higher on the session. ConocoPhillips stock is trading higher by $2.48 to $77.83 a share. COP stock will have intra-day resistance around the $78.50 and $79.00 levels. This morning oil is trading higher and the major integrated energy stocks are benefiting from that rally in crude.