I’ve got to tell you, I’m frustrated. You know how bearish I’ve been about crude oil. Day after day, this has been an incredibly consistent market. I would give my left nut for the S&P 500 chart to look anything like this……..the equivalent percentage drop in the Dow 30 would be about 4,100 points, just to give you some perspective. And that’s only since June 9th!
But energy stocks are just barely playing along. They’re down a little bit, yeah, but Jesus H. Christ, why are they being so strong? And what’s worse, when crude inevitably does get a bid, will energy stocks simply explode higher? It’s driving me absolutely nuts. Look how the energy sector ETF compares to oil. A bit of a divergence, wouldn’t you agree? ARGHHH!!!!!!!
Even worse is XOP (the oil and gas explorers) which, in the face of oil being down over 2% as I’m typing this………..is actually UP by half a percent. Again: ARGHHHHHHH!!!!!!