RIG, SDRL - soaring on an oil swing

With Oil seeing an extreme swing from -2% to +5% - along with broader equity strength, the oil/gas drillers ramped. Transocean (RIG) and Seadrill (SDRL) settled powerfully higher by 8.8% and 7.5% respectively. Near term outlook is now bullish, but within a broader bearish trend.


RIG, daily

SDRL, daily

Summary

Unquestionably... with the FOMC statement.. along with the Yellen Q/A inspiring the market, energy stocks soared, particularly so.. the drillers.

However.. the broader trend remains weak.... and if Oil continues to slide - as I expect, then energy stocks will remain vulnerable.