Market Wrap: Energy Service Stocks Soar

The market felt pretty sluggish today overall, even as the financials were whacked once again. If that's where you are invested, you felt pretty bad today. But if you are overweight energy and industrials, it was quite a different story.

It is disheartening to see the resilience in oil prices. Each time they look like they are about to break lower, prices miraculously recover. And I worry that the longer prices hang around in this $130-137 trading range, the closer we are to an upside breakout over $140.

I still think that the market is sufficiently oversold, and should bounce this week. We also are nearing quarter-end, where fund managers "mark up" their stocks. That is, they often buy what have been winners for them, and sell their losers.

This makes their portfolios appear to be in better shape when they have to file their holdings reports, which their boards see. It's kind of disingenuous, but happens nonetheless.

I was swamped with calls and meetings today, so I did not get a chance to post my investor sentiment update. I will try to post on it tomorrow.