The sharp correction in the energy sector continues as Crude continued to slide lower in fears of a supply glut. Sharp corrections are nothing new in this sector after reviewing the iShares Goldman Sachs Natural Resources Sector (IGE) ETF.

The 3 previous corrections in the GS (IGE) show corrections of -32.1%, -16%, and -15.6% respectively. The current correction in the fund has taken the sector down about 11%.

Naturally, we must pay attention to the technical support levels of what we own, and make sure we do not get whipsawed along the way. Some of the smaller oil services companies have suffered significant technical damage, but the major integrated oils and refiners are still above their support levels.