this is the Part IV post from a couple months ago:
this energy sector needs to be watched … the OSX, XOI, XLE are painting the same picture as they have gone up in the context of targets that have now been hit or are completing just a little higher. Crude, however, has been pretty weak … not widely reported is the fact that the Administration basically lifted economic sanctions on Iran so perhaps they are flooding the markets w/ their oil…who knows and that’s not for me to conjecture.
however, in the context of the S&P energy does make up roughly 10% of the index so, in order for the index to start moving lower we will need to see these patterns complete and start down. they HAVE NOT yet …but they are basically in the zone