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Royal Dutch (NYSE:RDS.A) was up over 1% in pre-market trading Tuesday after a brutal day in the global energy markets Monday. Energy stocks rallied early Tuesday, despite Brent Crude falling near 52-week lows and last trading at $95.44. The markets were pleased with the Greek election turned love-fest, as the Greek interim powers vowed to form a government capable of upholding agreements with the greater EU.

The tone coming out of Greece was starkly different from the hostage-taking stance of the last election cycle. Greece's politicians put on their best public relations faces as they vowed to repay their debts and co-operate fully with their German masters family. Greece was so optimistic in the face of difficult debts, you half-expected them to unveil a new tablet. I guess you put on your best "of course we're good for the money and will no longer lie about our financial inclinations" facade when you need the money to keep the lights on.

Elsewhere this morning, the US Fed kicks off a two-day meeting that certainly has the chance to rally - or flatten - the market. This year has been the year of central bank induced rallies and we certainly could get one again this week.

Energy stocks in the global market mostly sold off yesterday:

These names will be looking to reclaim lost ground as we wait on Greek deals and Fed statements: Arch Coal Inc (NYSE:ACI), Alpha Natural Resources, Inc. (ANR), Apache Corporation (NYSE:APA), Baker Hughes Incorporated (NYSE:BHI), Peabody Energy Corporation (NYSE:BTU), Chesapeake Energy Corporation (NYSE:CHK),ConocoPhillips (NYSE:COP), Chevron Corporation (NYSE:CVX), Devon Energy Corporation (NYSE:DVN), Enbridge Energy Partners, L.P. (NYSE:EEP), EOG Resources, Inc. (NYSE:EOG), Halliburton Company (NYSE:HAL), Hess Corp. (NYSE:HES), Linn Energy, LLC (NASDAQ:LINE), Marathon Oil Corporation (NYSE:MRO), National-Oilwell Varco, Inc. (NYSE:NOV), Plains All American Pipeline, L.P. (NYSE:PAA), Petroleo Brasileiro SA (ADR) (NYSE:PBR), Penn West Petroleum Ltd (NYSE:USA) (NYSE:PWE), Seadrill Ltd (NYSE:SDRL), Schlumberger Limited (NYSE:SLB), Statoil ASA (ADR) (NYSE:STO),Suncor Energy Inc. (NYSE:SU), TOTAL S.A. (ADR) (NYSE:TOT), Valero Energy Corporation (NYSE:VLO), Exxon Mobil Corporation (NYSE:XOM).


The global energy stock markets are rallying this morning after stumbling badly to start the week. Greece seems to at least temporarily be part of the solution and Ben Bernanke has the chance to play hero in the near term. There are a lot of moving parts in this market right now, with the G-20 meeting along with the Fed, Greece forming a government, India battling stagflation, and Spain trying to keep it together. Considering all of those variables, the markets seem about as stable as they can be. For how long remains to be seen.

Disclosure: I am long ACI.