With today’s pop from oversold in the general market, energy stocks resumed their move as a leading sector.
Had short-term buy signals on nearly every stock I follow in the sector including CNQ, SLB, EOG, PXD, WFT, NOV, NBR, and the ETFs OIH, XLE as well as the 3xLeveraged ERX.
With nothing to confirm this market bounce is anything more than just that, a short-term bounce from oversold, my play is ERX with a very tight stop.
In other words, this is a trade that better go my way right away or I’m going away right away.
(click on chart for a larger image)