Oil isn’t falling by itself – it’s taking the whole energy sector with it.
In fact, energy is the only
S&P 500 sector down on the year. It has lost 8.5 percent
year-to-date and is off19 percent from its 52-week highs. This happened
as the price of a barrel of U.S. crude oil dropped from $107 to $67 in
under six months.
Yet some on Wall Street aren’t down on the sector’s prospects.
“I’m a massive buyer here,” said
David Seaburg, head of sales trading at Cowen and Company. “At these
levels, I think it’s an absolute buying opportunity.” (more)
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