The oils are getting slapped around and as bad as it is you have to remember that this has been a great performing sector with lots of profits built up. The circumstances currently are such with margin clerks in control of this market a lot of players have to sell what they can when they can't sell what they want. So the proverbial baby with the bathwater is getting tossed here. Keep your eye on OIH, USO, and DIG as these are the ones to play in my opinion.
Wow, I just caught Cramer's schtick on Pompom TV. I hope Erin Burnett knows CPR, cause it may come in handy with him. Regarding his comments about the Fed opening the discount window, is just a band aid solution. It mirrors a reflection of our You tube, narcissistic, Time magazine person of the year...You, mentality of society at large. There are NO CONSEQUENCES anymore ! When I make money its make superior intellect when I lose it's someone else's fault so somebody bail my sorry butt out. There absolutely must be consequences for actions or the system goes to pot. Good investment decisions are rewarded with profits and bad ones with losses, even bankruptcy, as unpalatable and cold as that sounds. That's just the way capitalism works. The Japanese tried to avoid writing off bad loans, letting them sit there hoping to get better and look at what happened there.
The Nikkei was at 40000 in 1990 and now sits just below 17000, seventeen years later. You must pay the piper at some point. You can take your dose of medicine now or have to take a bigger even more unpleasant dose later. The piper has arrived and he's looking to be paid. Good trading to you.