Is today's move just shorts covering for the weekend only to be smacked back down Tuesday? Or could this lead to a nice short squeeze?
http://stockcharts.com/h-sc/ui?s=$BPENER&p=D&b=1&g=0&id=p93696321235 There are three possible turning points for oil stocks on this chart. 30, 19 or 12. Around 30 is right now. http://stockcharts.com/h-sc/ui?s=$WTIC&p=W&b=1&g=0&id=p81893139195 The possible bottoms are 48, 40 and 34 before it turns around. In analyzing today, its most likely that what you saw is short covering. In the next two weeks, its likely we will see 48 dollars.
Depends on the sector. Take a look at the nat-gas drillers. Stocks like PTEN have built a decent little "base" recently and could easily rally a few points here. They have a huge correlation with CRUDE oil movement . . . even more so than Nat-Gas itself. Good trading vehicles.