{"id":56830,"date":"2023-09-04T15:19:17","date_gmt":"2023-09-04T19:19:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/energy-stocks-getting-ready-to-take-the-lead-again-after-crudes-august-bounce-says-strategist\/"},"modified":"2023-09-04T15:19:20","modified_gmt":"2023-09-04T19:19:20","slug":"energy-stocks-getting-ready-to-take-the-lead-again-after-crudes-august-bounce-says-strategist","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=56830","title":{"rendered":"Energy stocks getting ready to take the lead again after crude\u2019s August bounce, says strategist"},"content":{"rendered":"
\n

While energy stocks will likely struggle to match last year\u2019s blowout performance, a recent crude bounce may be setting the wheels in motion for the sector to regain a leadership spot, say some strategists.<\/p>\n

\u201cWTI (West Texas Intermediate) put in consecutive closes above $83, including a weekly close, for the first time since last November,\u201d said Jonathan Krinsky, chief market technician at BTIG, in a note to clients on Monday. Those back-to-back closes left the commodity at $85.50 a barrel on Friday, its highest level of 2023.<\/p>\n

\n

Oil prices
\n CL.1,
\n +0.49%<\/bg-quote>
\n rose for a third straight month in August, thanks to tighter supplies that outweighed worries over weak China and overall energy demand. A so-called golden cross pattern also has some technicians optimistic about a move higher for the commodity.<\/p>\n

Krinsky said oil, whose move was impressive in face of a stronger dollar, now looks headed to $90-$93 a barrel. And \u201cenergy equities are resuming their relative leadership,\u201d he added, offering the following chart:<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

With a year-to-date percentage gain of 2.8%, the S&P 500 energy sector
\n XX:SP500.1010,<\/span>
\n which includes heavyweights such as Chevron
\n CVX,
\n +1.99%<\/bg-quote>
\n and Exxon Mobil
\n XOM,
\n +2.10%<\/bg-quote>,<\/span>
\n is about the sixth-best performing sector, though well behind the 44% return seen for information technology. Down 11.8%, utilities are the worst performers, according to Yardeni Research, which provided the following chart to clients:<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

One downside to crude\u2019s climb is the pressure it will put on consumers, noted Krinsky. Sports retailer Big Five Sporting Goods
\n BGFV,
\n -3.40%<\/bg-quote>,<\/span>
\n restaurant chain Cracker Barrel
\n CBRL,
\n -1.40%<\/bg-quote>,<\/span>
\n Applebee\u2019s owner Dine Brands
\n DIN,
\n +0.07%<\/bg-quote>
\n and theme park group SeaWorld Entertainment
\n SEAS,
\n +1.50%<\/bg-quote>
\n are all part of his \u201cvulnerable consumer charts group.\u201d Here\u2019s a look at two of those stocks:<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

Two retail stocks headed in the other direction are athleisure wear maker Lululemon Athletica
\n LULU,
\n +6.01%<\/bg-quote>
\n and discount chain Ross Stores
\n ROST,
\n +0.19%<\/bg-quote>,<\/span>
\n said Krinsky, offering the below charts:<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

Read: <\/strong>10 growth stocks that are trading at bargain prices, including Delta and Cheniere Energy<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While energy stocks will likely struggle to match last year\u2019s blowout performance, a recent crude bounce may be setting the wheels in motion for the sector to regain a leadership spot, say some strategists. \u201cWTI (West Texas Intermediate) put in consecutive closes above $83, including a weekly close, for the first time since last November,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":56831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-56830","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nEnergy stocks getting ready to take the lead again after crude\u2019s August bounce, says strategist | iFintechWorld<\/title>\n<meta name=\"description\" content=\"While energy stocks will likely struggle to match last year\u2019s 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