It appears that the portfolios I manage have begun a slow climb up from their recent lows. At least for the short term, the bottom for the portfolios occurred on January 20, 2016. Given the recent high correlation of the stock markets to the price of oil, relative to the longer term lower correlation, it seems that the market turnaround occurred when the price of oil retreated from its low of less than USD 28. Assuming the price of oil will slowly increase, I purchased some XLE ETFs yesterday for between USD 55 and USD 56. It’s only one day out, but so far I’m not disappointed with my decision. Let’s see what happens.