An up day in store for Monday

I think Friday's weakness in the oil sector in picks like VPC and BUR was due to the fact that many traders aren't convinced by the strength in the oil price. Electing to stay on the sidelines and rather wait until Monday for a fresh look at where things stand. The oil price , however, managed to stay above 55. A reaction to the cold weather and the possibility that inventories ( distillates) will show drawdowns next Wednesday. The new home sales data in the US came in higher than expected too which was bad news for an interest rate cut in the US. However, one broker wasn't as impressed by the housing data and pointed to the 30 to 40% cancellation rate which alot of investors are overlooking. Sentiment in the US and UK mkt was downbeat on Friday... I get the feeling that any rallies this week in the oil sector could be short lived and are probably worth selling!