More Potential Breakouts in Energy
Yesterday I talked up the possibility of a rotation into energy and the potential for a breakout there. Money did come rolling in, and the Energy Select Sector SPDR (XLE) began to break out through multiple swing points on multiple time frames. BP (BP) and Anadarko Petroleum (APC) both have the potential to gallop higher, with the sector supporting the move.
Anadarko reported earnings after the bell on Monday, and although it recorded a loss for the quarter, the sales numbers registered a 6% increase year over year. Now that the BP settlement is off the table, investors are likely looking forward to much better quarters to come....371 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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