*XOI up nicely today, but the volume (imo) is low among the oil stocks, it's especially low vs. Monday which is when we witnessed some type of reversal until proven otherwise. If traders went short at the point I noticed some bearish divergences, they'd still be in the money even here, oil at that point was around $57.40 and the XOI was around 872.90... Currently oil is at $56.45 despite a massive increase in oil reserves, even greater than the ANALysts had predicted... and the XOI is at 866.88...
As usually is the case, the 10 day SMA has offered support here...
I'm slightly bearish still despite this bounce/rally, but bulls might be looking to form an inverted H&S here...
(The market is green here and holding despite oil's bounce, this is telling me that the oil bounce is a "false" bounce... also the broad market closed Monday which was when I believe that the oil markets reversed... this could be nothing more then a fake hype before the 10 day SMA is broken to shake out the new breed of pikers in these stocks...)
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