Let's check the latest charts and indicators.
There are a whole lot of forces going on in our country to explain this stubborn resistance by the oil stocks to the moves we used to expect.
Is this the best of all possible worlds? Is it better than expected?
There are four things that are favoring energy stocks right now.
Options enable traders to express their opinions in market pricing without the stress and risk of buying or selling futures contracts outright.
The market is cheering for rates to be cut, but forgets they are being cut on the back of global growth collapsing, which is negative for risk assets.
Recent insider buys in Occidental Petroleum and Flotek Industries during the energy dip may be sign of potential investment opportunities.
Jamie Dimon also expresses concern about the impact of China tariffs and a fresh GDP estimate is at hand.
Contrary to logic, breadth was strong Thursday, bonds rose, metals were bought and even Walt Disney rose by more than 4%.
Product demand remains tepid at best and OPEC has downgraded its oil demand growth for 2019.