Crude has broken out of its recent trading range, and oil stocks are trading higher. They are being helped by the move lower in the dollar in the last couple weeks, and there seems to be a refocus on demand, which appears to be improving.
With that said, energy stocks are certainly not on fire; the main ETF, the Energy Select SPDR Fund,has been on a slow descent for a month. This was at multi-year lows in January. Long-only funds were aggressive buyers, but when those buyers dried up, energy stocks faded. The good news is many feel it's going higher.
1) Chinese stocks are trading fractionally positive this morning, including Chinese ETFs that trade in the U.S. MSCI's decision to put off including mainland China in its indexing scheme was a disappointment to many investors. Volumes in the few ETFs that own mainland China (A-shares) had been high in the previous days in anticipation that such a move would be made.
The decision, while disappointing, was not irrational. MSCI specifically said they need more clarity on three issues.