Surging Oil Taking Toll on Rest of the Market

Oil prices are rising again today, with crude topping $62. This is helping the energy stocks rally hard, but at the expense of the rest of the market.

The NDX was up 16 points this morning, but is now struggling to stay in positive territory. Moreover, a number of market leading stocks are lower on the day. I am seeing profit taking in financials and semis as money rotates into energy. I expect this rotation to be realtively short-lived.

As for investor sentiment, the put/call ratios are only running at average levels, and dont' seem like they will help put a bid under stocks into the close.
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