BLACK GOLD

Today oil stocks are definitely black gold. However, note that now they are a shade above the 50 day SMA and right at the 90 2 day RSI level. Probably a good time for the traders to take some off the table. Back to the general markets, the DJIA has regained much of the earlier losses and the NAZ has turned green. The adv/dec line has also turned a bit although not quite in green territory yet. The Volatility indexes have fallen back after being higher earlier. It looks like investors just want to own stocks and buying pullbacks is the name of the game for now.