The U.S. dollar continues to show weakness, and oil will likely continue to be a good hedge against its further deterioration.
Apache Corp. (NYSE: APA), which is a large oil and natural gas exploration and production company, should continue to benefit from the dollar's fall.
APA fell from almost $150 in May 2008, to $51 in March. Energy prices improved, and so did this stock as it built a base on a double cup-and-handle formation.
In September, a major breakout from the handle took the stock above $95 on very high volume.
The target for the breakout is about $130, but long-term holders may very well see new all-time highs for the stock. S&P ranks Apache as a strong buy (five stars).
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