No Dice

An ugly downside reaction to the weekly crude oil inventory report has apparently negated the bounce attempt energy stocks (and crude itself) tried to stage earlier this week. While the broad market is not swooning off the inventory move, the reality is that the energy sector continues to be a sore spot containing plenty of market cap, even if titan XOM is actually holding up fairly well today. 

Nevertheless, you can be sure bulls likely need to see energy stocks at least stabilize a bit if the bull rotation thesis is going to prove true this summer and even into the back half of the year. 

For now, energy and energy stocks largely fall into the category of, "look, but don't touch," for most traders.

On that note, there will be plenty of "looking" tomorrow at the Comey testimony during market hours. Upside momentum in generally flimsy so far today, and we may need to get through Comey and the Fed next week before another stretch of trending moves at-large. 

Thus, we are staying completely opportunistic at this point, be it looking at short setups like IBM or a few relative strength longs which I will run through in my usual Midday Video for Members.