Maybe it’s too early to tell, but crude found support around $46.00 this week, and today, it is getting a boost from positive government news on inventories. Still, the XLE is down 10% this year, and many names in the sector have fared worse. I still see an oil rally that eclipse $55.00 on the upside this year.

So the market, while still meandering, lifted off earlier low points in part to the latest report on petroleum inventories from the US Energy Information Administration. A sharp decline in crude inventory levels, reflecting a sharp decrease in imports, helped crude inventory decrease by 5,200,000 barrels.

Still, I like a number of crude oil ideas including:

• Chesapeake Energy (CHK)
• EOG Energy (EOG)

Overall, I feel good about this market, which has had several opportunities for profitable positions to be cashed out; it hasn’t happened, and that’s a buy signal, or at the very least, a hold signal.