Why are we wallowing here -Well its not because of Jack - because we have had Brent well over a $120 for a lot longer than the NDP orange wave phenomena.
I think its two things. The first - as Hound rightly points out - is uneasiness as we come into May.
Will investors buy into the 'sell in May and go away' (statistically false) - theory ?
Second - the markets are following much the same path as a couple years or so back when oil went statospheric.
What happened then was the market did not believe in the sustainability of the then $140 + oil. Therefore stocks hardly moved from the levels they were at when oil had been about $100 to $110.
The markets are probably already discounting Middle East problems and assuming a pullback for oil.
In a nutshell I suspect we are in a 'wait and see' mode.
All that said I remain bullish on BNK in the long run.
GLA