Apache (APA), Arena Resources (ARD), Atlas America (ATLS), Carrizo Oil & Gas (CRZO), Denbury Resources (DNR), Encana (ECA), Helmerich & Payne (HP), Joy Global (JOYG), Southwestern Energy (SWN) and Stone Energy (SGY) are all heading lower on increasing volume. In addition, many have fallen below their 50-day moving averages and have shown multiple reversal days where they initially move higher and then close lower.
This sector should continue to be avoided. There is just to much hype and very few analysts or investors think oil is heading lower in a meaningful way. Markets have a way of making even the smartest people look dumb and judging by the price and volume action of these stocks, there are better opportunities to be had elsewhere.