A Bright Spot from the Storm

Into this bounce in crude oil, a bullish divergence in favor of energy bulls dating back several months can be seen in the outperformance of HYG, the ETF for high yield corporate bonds. The HYG is filled with plenty of firms in the energy complex.

But to be precise, as I write this energy-related firms make up more than 13.5% of HYG. 

Thus, when we see how well HYG held up the last few months even as OIH XLE XOP slumped, it ought to give energy bulls some hope this oil bounce has legs into the true summer months of trading. 

As for the market at-large, bulls maintained their morning gains into the close here. Bears will likely feel some real heat if we gap up tomorrow morning. 

More in my recap after the bell.