This morning, the energy stocks are leading the major stock indexes higher. It is important to note that the energy sector accounts for roughly 16.0 percent of the S&P 500 Index. Exxon Mobil Corp (XOM) is the leading energy stock in the world by market capitalization. This stock obviously carries the most weight in the sector. Today, XOM is trading higher by 0.75 cents to $89.95 a share. Short term traders should watch for intra-day resistance around the $90.28, and 90.85 levels. The daily chart of XOM has very good resistance around the $92.00 level.
Some other leading energy stocks that are trading higher today include Chevron Corporation (CVX), ConocoPhillips (COP), Suncor Energy Inc (USA) (SU), and Hess Corp.(HES). Traders should note that the financial stocks are the other major sector that accounts for about 14 percent in the S&P 500 Index. So, if the energy stocks rollover or fade it could create problems for the major stock indexes today.