Yes....spoke too soon. And yesterday's strength (higher high) signaled "negative divergence" as far as indicators are concerned. Especially with MACD which "crossed negative" Feb 4 and with today's action is now "expanding bearish"....as I type. Still could pop back up to 58? Was there news?
USO, DIG and XOI with the same negative indicators IMO. I bought some DUG as a hedge against oils. Maybe you buy some RIG puts as hedge ....maybe 3-4 months out?
Any SPX correction here will hurt large cap oils IMO.