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Energy Stocks Outperforming Crude Oil

Schlumberger (SLB) ($72.69 vs $59.67 on 06/27) still has a Buy rating, with an elevated P/E ratio and has been above its 200-day SMA at $70.90 since July 26.

In sum, the price of crude oil remains in a tug-of-war between commodity speculation in anticipation of QE3, and weak demand due to the global economic slowdown with crude oil on the cusp of its 200-day simple moving average at $96.61.

If QE3 is implemented oil should distance itself above the 200-day SMA with energy stocks continuing to the upside. Without QE3 the focus should return to a weakening economy, and the oil stocks above their 200-day SMAs are likely to decline toward those key supports.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Richard Suttmeier has an engineering degree from Georgia Tech and a master of science from Brooklyn Poly. He began his career in the financial services industry in 1972 trading U.S. Treasury securities in the primary dealer community. In 1981 he formed the Government Bond Department at LF Rothschild and helped establish that firm as a primary dealer in 1986. Richard began writing market research in 1984 and held positions as market strategist at firms such as Smith Barney, William R Hough, Joseph Stevens, and Rightside Advisors. He joined www.ValuEngine.com in 2008 producing newsletters covering the U.S. capital markets, and a universe of more than 7,000 stocks. Richard employs a "buy and trade" investment strategy and can be reached at RSuttmeier@Gmail.com.
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