Have Oil Stocks Seen Their Peak? - TheStreet

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Let's stipulate that we're all focused on oil right now.

Naturally, we'll beat this horse to death, with the only saving grace being that if it wasn't oil, we'd certainly be worried about something else. I mean if not oil we could fret about

General Motors

(GM) - Get Report

,

AIG

(AIG) - Get Report

,

Fannie Mae

(FNM)

, the "housing bubble" and any number of other issues.

Still, I'm wondering if the fact that the energy topic is now making its way onto the cover of national magazines hasn't actually marked the top both for the commodity and the surrounding industry.

As Jon Markman

pointed out yesterday:

A decline in energy stocks often presages a decline in the price of petroleum, as early-bird portfolio managers take their profits well ahead of news that the commodity itself has peaked.

True enough, but do the charts match Jon's theory?

See for yourself in today's "very special" Chartman, featuring charts for

ExxonMobil

(XOM) - Get Report

,

ConocoPhillips

(COP) - Get Report

,

Sunoco

(SUN) - Get Report

,

Murphy Oil

(MUR) - Get Report

,

Kinder Morgan Energy Partners

(KMP)

and the

(XOI)

Amex Oil & Gas Index.

Charts produced by TC2000, which is a registered trademark of

Worden Brothers Inc.

And that is the final word from Burbank, Calif., where Robert Blake's innocence sure doesn't pass the sniff test.

Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.

Smith writes a daily technical analysis column for RealMoney.com and also produces a daily premium product for TheStreet.com called The Chartman's Top Stocks --

click here for a free two-week trial. While Gary cannot provide investment advice or recommendations, he invites you to send your feedback to

gsmith@thestreet.com.