Into The Stretch: Oil Reverses Higher

Stocks continue to hover slightly in negative terrritory. Its interesting that they haven't sold off more, given that oil has reversed higher after touching 126 this morning. It is now trading near $131.

The financials remain very weak today, down roughly -3%. The 10-year yield is higher still at 4.01%.

In terms of investor sentiment indicators, the VIX is +1% higher near 19.80; the CBOE put/call is around average at 0.85, and the ISE call/put is at 123; the ARMS Index is around 0.97.

The number of bulls in the Investor's Intelligence survery fell this week, knocking the bull/bear spread down to +6 from +17 a week earlier.

BE Aerospace (BEAV) gave a very bullish presentation today at an investor's conference, but the stock is still down a full -4%. I am perplexed by the action of this stock. My work shows that the stock is worth much more than its current value, but I am leery of buying more. Often when stocks trade this bad, there is a shoe out there to drop.

long BEAV