Even oil stocks couldn't dodge the carnage in the broad market today. Oil stocks sold off a bit this morning as oil prices moved lower. But then when oil prices moved higher -- buoyed by bullish inventory data -- oil stocks didn't rise with crude. Instead, they were sucked lower as the major indices went into the tank.

Take a look at the IEO, a leading index of oil explorers and producers ...

I know this can be disheartening, but try to separate short-term noise from the fundamentals. Investors are spooked by the bear market going on in banks and other non-energy sectors. So, they booked gains where they could find them and went to sit on the sidelines. While I don't blame them, the longer-term trend for energy stocks should follow energy ... and that's higher.