“Super trader” Jeff Clark says oil stocks are oversold right now. Writing in today’s Growth Stock Wire, Jeff says the bullish percent indicator for the oil sector, BPENER (below), is flashing a buy signal for oil stocks.

How did it get here, and where is it going? What a difference a year makes. While March lions and April showers were at work in 2008, so were these factors in the U.S. and global economies:

With oil finally trading back above the $50-a-barrel level, it’s time to recognize that crude prices are probably not going to remain low for very long, and may end up fluctuating in the $50-$80 range – regardless of what happens to the prices of other commodities.

The sulfuric-acid market is booming and oil companies are reaping the rewards.

According to the London Times, the price of sulfur has risen from $50 to $500 a ton in under a year. More from this report:

“Shell is one of the most-efficient producers of sulphur,” Barry Clarke, a sulphur market analyst for Pentasul, said.

Buyers of oil stocks today will suffer an enormous case of “buyer’s remorse” by this time next month.

Looking at the credit data, it seems people have begun to stop paying their bills in order, from most expensive to least. Houses came first – that’s the most expensive bill. Autos came second.

Last night, the US Department of Energy’s Energy Information Administration (EIA) made a massive adjustment to its oil-price forecasts for this year… and about time too. Its forecast is getting closer to reality.

US stocks are steaming ahead  as Mr Market digests the news of a $5 billion injection for mortgage lender Washington Mutual.

Rising crude oil prices have also helped boost oil-sector stocks.

Dow Jones MarketWatch reports that the Dow Jones industrials were up 104 points to 12,713, with 24 of its 30 components moving higher, with financials leading the rise.