Thursday, December 4, 2014

This sector is a 'massive buying opportunity'

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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