Intraday, we are oversold. But more importantly, we see signs of the same in the Master Limited Partnership segment and a level of selling that simply isn't sustainable: a 10 to 1 decline.
I like, also, that all of the stocks you buy in a recession are going higher, because there are lot more of those than there are of industrials.
Speaking of percentages, the problem with the energy sector is that there are so many energy companies that are not in the S&P 500, so when you see that only 6% of the S&P is energy -- down from 10% not that long ago -- you don't get the big picture of what the heck is going on "underneath."
Because, as I have said, we are in Crazy Town, where "good," like "cheaper" -- which helps out about 90% of the economy -- is now "bad" because of credit risk. So it's very difficult to predict intraday moves. But when you have the selling pressure we have seen and the market is getting oversold, even if you hate to sit on your hands, keep in mind that you might, in fact, get a better chance to sell.