To expand on my previous reply, the fact that XOP & the energy stocks are holding up despite the recent drop in crude means that as a whole, the market is dismissing the pullback in crude as just a minor pullback within an uptrend with much more upside to come. If that’s all it really is, then crude should soon resume its larger uptrend (probably if/when my 58.90ish target on /CL is hit) but if the 59ish level is just a speed bump within a much larger correction with more downside in crude to come, then the energy stocks will almost certainly start to correct.

If my call on a correction in crude continues to pan out, XOP will almost certainly start to play a game of catch-up to the downside soon.