The most recent issue of Barron's contained an interesting interview with Walter Deemer of DTR Inc. He made some interesting points about energy, specifically warning that there was an unusually high level of acceptance of the energy sector. Deemer mentions that Fidelity Sector Funds show "an abnormally large number of assets in the energy sector". He goes on to state further that it is an historically large concentration of assets. This usually signals acceptance and enthusiasm levels that might signal "some sort of a peak".
See also his comments regarding the energy group's leadership in the market and its history of movement in relation to overall market movements. Lots more besides energy discussed, and I thought it was a very sharp interview. Part of the interview can be viewed here on Barron's online site.