At long last, energy stocks are rising. WealthPress trader Jeff Yastine started banging the drum on them a couple of months ago, and they are suddenly becoming quite popular.
In fact, all of his beaten-down oil companies have taken off big-time to the upside. Chevron Corp. (NYSE: CVX) is up 23%, Valero Energy Corp. (NYSE: VLO) is up 28%… and Exxon Mobil Corp. (NYSE: XOM) and Marathon Petroleum Corp. (NYSE: MPC) are both up more than 40%!
But in talking with friends and fellow traders, there’s no shortage of skepticism for rising energy stocks…
That’s typical. At the start of every big move up (or down), plenty of people will tell you the trade will never work. It’s only when a stock has risen (or fallen) 20%… and then 30%… and then 40% that people will come down off the fence.
But by then it’s too late. You’ve missed out on all the big early gains.
Will Momentum Continue for Rising Energy Stocks?
Jeff tossed out a speculative stock idea a few months ago in a company called RigNet Inc. (Nasdaq: RNET). It has seen its share of ebbs and flows since September, and it’s up about 27% the past month.
If you believe rising energy stocks like oil will continue to move higher — not like a rocket ship, but a little here and a little there — then RNET is a stock that will keep rising. Jeff made a bold call in saying RigNet could double by New Year’s, and he still thinks it can..
But plenty of you are wondering if it’s too late. Did you miss the boat on rising energy stocks?
The short answer is… no.
These stocks still have a long way to run, and one reason for that is oil prices. Check out Jeff’s short video and let’s chat about rising energy stocks. Then share your thoughts in the comment section below.