"Keep your friends close, and your enemies closer."
Friends: John Roque of Natexis Bleichroeder on CNBC - a technical analyst - saying because the oil stocks have been so underowned for so many years, the latest moves simply reflect people having to pay up to get in. He is looking for a pullback to moving averages (50 or 200 day), and he feels that would be a good place to add to or start a position. In addition, he discussed the idea that at 8% of the S&P 500, energy stocks have room to grow, while financial, at 22%, ... he didn't really say, but I think you get the idea.
Enemies: Bubble, bubble, oil and trouble. It's always important to understand the case against your position.