Energy stocks (OSX $266, E&P $496, XOI $1389) – Inventory data turned oil price and energy stocks yesterday, but oil service was only energy outperformer (S&P 500 +1.3%, E&P +1.3%, majors +0.4%, OSX +1.9%). Fickle market. With green screen yesterday, maybe group set to rally as month/quarter close out and people window dress? Easiest call is fundamentals matter more than several weeks/months ago, so keep close eye on them (and Q2 earnings).