The bounce in oil names is downright euphoric reflecting in large part that many believed yesterday that OPEC would never make a deal. Small oils are running very hot this morning with names such as Matador Resources(MTDR) , ResoluteEnergy (REN) , Oasis Petroleum(OAS) , WPX Energy(WPX) and Enerplus(ERF) trading very strongly.

However, the strong buying in oil is creating a rotation out of other groups like biotechnology and some of the FANG names, including Action Alerts PLUS holding Alphabet(GOOGL) and Microsoft(MSFT) . Small-caps are lagging, too, although there are quite a few small oils in the index.

What the market needs is for the excitement in oils to spill over but that isn’t happening so far. Breadth is just slightly positive, with about 3,300 gainers to 2,900 decliners. Oils are driving the new high list to more than 400 so far.

One stock I had on my watch list is old momentum favorite Yirendai(YRD) but China and technology names are taking a backseat to oil right now and it isn’t moving.

If breadth doesn’t start to broaden that is going to be a problem. The S&P 500 and Russell 2000 are hitting new intraday lows as I write and I’m not seeing too many oils still at intraday highs. Apparently oil alone is not enough to keep this market running.

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