Exxon Mobile (XOM) and Chevron Texaco (CVX) are leading the Dow higher, up 4.7 and 5.6 percent, respectively. The gains come as crude oil makes a run to session highs above $74 a barrel. Crude was recently up $2.40 to $74.25 amid a rebound in commodities and as OPEC mulls production cuts. 141,000 calls and 64,000 puts have traded across the energy sector during the first hour of trading in the equity options market Monday. Select Sector Energy (XLE) November 51 calls, US Oil Fund (USO) November 61 calls and USO November 61 puts are also seeing action.
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.