CBOE OIL INDEX - price stabilizing?
The CBOE OIL INDEX appears to be bottoming out with short and medium term moving averages converging - albeit over price. The 15 stocks in the Index have been under considerable pressure with all below their respective 200 day moving averages. That said, 12 of the 15 stocks show signs of consolidation and reversal; XOM is trading off a double bottom formed on Friday. APA is trading in a long term support area near 104 and volume is falling back into the normal range; APC is trading near 54 and is well supported at 50; BP is trading near $60 but looks like a bit more downside is likely; COP short and medium term averages are converging, short term support at $78 but stops right below make sense now. MRO may be the best buy of the bunch, trading near 46 with moving averages below price and several sessions of consolidation behind it. Overall, the P/Es here look pretty good on a historical basis and Crude does appear to be stabilising.