North American Energy Sector Fuels Stock Indexes Higher
In North American, the energy sector is the best performing sector so far this quarter. Energy stocks, on average, have outperformed the MSCI World index by almost 5% this month.
The internals of the energy sector have been quite strong. Ninety-four percent of the companies are above their 50-day moving average, while 91% and 94% respectively are above their 20 and 5-day moving average.
Percent Above Moving Average
The energy sector has been mostly moving as a group, as illustrated by the fact that 97% of the companies in the energy sector have logged positive performance over the past 50 days.
Percent With Positive Performance
Perhaps most interesting about the energy sector is the fact, that during the recent sell-off of technology and momentum stocks, the energy sector didn't really get touched. 94% of the North American energy stocks are down less than 10% from 3-month highs. This compares to only 64% of health care companies down less than 10% from 3-month highs.
Distance from 3 Month High
(c) GaveKal Capital