Crude Market Technical Update May 6th:  WTI broke through important trendline support at the $103 area late last week.  That break led to a big sell off on Friday with crude closing at $98.65.  The next area of technical support is the green trendline (support 1) at the $97.50.  We should see some sort of bounce at that level.  If not, the market is likely moving to the lower green trendline (support 2) at $92.50.  

UPDATE May 15:  Crude remains in freefall and looks as though it will test support #2 and $92.50 soon.  Once oil drops into the $85-$90 a barrel range I will become more willing to take long risk in oil names.

disclosure: I have no position in crude futures or ETFs.

Energy Stock trading plan for the week: Monday morning will likely be a gap down morning for US markets.  The first 30 minutes of trading will likely set the tone for the rest of the day.  I am watching a number of promising technical setups closely, but don't have new trades for you right now.

I don't think the correction we've seen over the past few days is over quite yet.  We'll likely see lower prices for energy stocks in coming days.  Keep your cash levels high for now and be ready to pick up some screaming deals later this week!