Investor Sentiment Check

The market is hanging in there pretty well, especially given the nearly $3 spike in oil, which is huge.

The CBOE put/call ratio has been running high all day, currently at 0.97. Moreover, it has been this high for more than a week. That amounts to a lot of put buying, as investors seem to want increasing amounts of insurance in place in the event of a selloff.

I think this should continue to support the market, and that the longer we chop around and consolidate in a sideways fashion, the more likely it is that we see another upside breakout in the market.

Looking at the sector ETFs, energy (+1.8%) is obviously leading the way today, followed by healthcare and financials. Industrials and consumer staples are lagging, and are down -0.25% so far today.