Although 2013 is still very young, oil well services and equipment stocks are up over twice as much as the S&P 500 Index, year-to-date. The first chart below is of the sector ETF on the weekly timeframe. Note that $45 still needs to be breached to likely set in motion a sustained breakout. However, underneath the surface I am seeing very strong action with sound buy volume to have me looking for follow-through in the coming weeks, beyond the ubiquitous oil service stocks BHI HAL SLB, etc.
In addition to the weekly charts of four individual ideas below (I believe the weekly timeframes offer the best perspective here, especially in the face of a pullback or pause this week), members of The PPT and 12631 can click here for my “12631 TOP ENERGY PERFORMERS” saved screen.
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$HLX & $UCO.
$HLX & $UCO.(whoops)
Currently have both BBEP and ESV on watch…with a keen eye on ESV.
Lying in wait in the tall grass for that one.
XLE nice YTD too.