As always there's a big difference between the stocks and the underlying commodity. I think like yourself it's probably too soon to accumulate oil IT/LT, but some stocks look good for ST/IT and maybe even LT at these levels.
Frank on energy my question to you is.. do you think we are at an IT bottom in the longer view .. or rangebound.. I tend to think rangebound but as you know I never marry any position.. one wife is quite enough :O)
EDIT: I think DOW 5K (or even a tad lower) is quite possible but I will be surprised not to see a strong rally first.. which would have me all cash :O)
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