[video] Quick Take: Chevron, Exxon Boost Stocks
Equity markets were ugly yesterday, which sold off violently over the ever-increasing likelihood that the U.S. military would intervene in Syria.
But today, stocks are in the green -- and by a decent amount. Still, Valdes said that Chevron
Crude oil continues to move higher, as worries over the escalating geopolitical tensions continue to cause uncertainty.
He added that stocks breaking below their 50-day and 100-day moving averages might have persuaded a lot of traders to lock in gains.
Valdes went on to say that markets will soon have the Federal Reserve to deal with and a nonfarm payrolls report to handle next Friday. Investors haven't been adding to positions, but rather just not selling, he concluded.
-- Written by Bret Kenwell in Petoskey, Mich.