Time to bet on an energy sector reversal?

The picture for oil related stocks has been pretty bleak for the last few months. This is primarily due to a perceived weakness in demand in a slowing economy, and probably because the White House doesn't want Americans to feel pain prior to the Presidential election -- which is why prices at the pump are about a dollar a gallon lower than they were just a few months back.

What makes me think that energy stocks are not going to push back up in the near future is because if they were going to do that, they have plenty of good reasons to do so now.

Firstly, the S&P has pushed several hundred points higher, which should push the energy names higher too.

Secondly, the heating up conflict between Israel and Hezbollah that could expand into a regional war hasn't done a thing for the oil names. In fact, they keep going lower, along with crude!

Thirdly, China just announced a massive stimulus program that should boost its economy and raise demand for oil and other resources. But again, it hasn't helped the oil names.

So is now the right time to pile into energy names like CVX, XOM, DVN, OXY, COP, EOG etc in anticipation of a reversal to the upside?

Probably not for the time being.