FYI: Once this year’s top-performing sector in the S&P 500, energy continued cementing its status as the lone group in the benchmark U.S. index to reside in the red for the year when energy stocks and equity-based exchange traded funds plunged during Friday’s holiday-shortened U.S. session.
Already imperiled, oil stocks and the ETFs that hold those companies tumbled Friday after the Organization of Petroleum Exporting Countries (OPEC) opted to keep its daily output unchanged at 30 million barrels. The 12-member cartel made the decision at its Vienna meeting Thursday and the headlines sent oil futures tumbling. West Texas Intermediate futures slid to the lowest levels in five years.
Regards,
Ted
http://www.etftrends.com/2014/11/traders-pass-on-bearish-oil-etfs-as-sector-tumbles/
