** wall street discovers energy **

  1. 24,765 Posts.
    For the first time in years energy stocks are becoming popular. The growing belief that "high" oil prices are here to stay is leading to substantial profit upgrades.

    Wall Street has finally decided the huge and increasing profits can no longer be ignored. That has been influenced by oil's refusal to fall to below US$40 after it corrected from US$55 combined with its rise back over US$50.

    Talk from Saudi Arabia that the market has fundamentally changed and price rises are a result of demand has also hit home.

    Combined with very low comparative PEs there is now a buying rush developing in stocks like Exxon.

    We finally look to be on the verge of an energy stock market boom. We haven't seen anything yet.
 
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