Exposing Ideas to the Envelope of Serendipity

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Tuesday, November 17, 2009

Bubbling Crude

"And up through the ground came a bubblin' crude. Oil that is, black gold, Texas tea."

While the current backdrop in the energy sector may not come close to approaching Jed Clampett's windfall described in the familiar lyrics from the theme song of The Beverly Hillbillies, there are a number of interesting setups starting to take shape among select oil stocks that should at least be on the radar. First and foremost is the nice bull flag forming in USO; and although there are still more than a few messy charts scattered throughout the group, an increasing number of oil stocks are beginning to tilt bullish and may be signalling a new move on the horizon.

With a little help from Warren, XOM is flirting with long-standing resistance that it looks likely to overcome near-term. Mr. Buffett recently disclosed a rather sizeable stake in Exxon Mobile, giving the stock a boost and renewing interest in the shares.

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