Ned Riley participated in the Bull Bear debate during The Closing Bell, writes Roger Nusbaum. He is bullish and thinks energy is played out because Exxon Mobil (XOM) peaked in April. It seemed like he was saying that the group peaked in April.
XOM looks like it is below its April high. The Energy SPDR (NYSEARCA:XLE) is up 13% from its April high close, Total (TOT) is up 12% from its highest April close and BP is up 11% from its highest April close.
In that time the SPX is 8.5% from its lowest April close and up 3.6% from its highest April close.
This is obviously backward looking and guarantees nothing about the future but would Ned have a different take with the correct facts? Nah.
BP is a client holding.
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