Back in January, Energy Stocks put in their lows on both an absolute and relative basis. Whether you’re looking at the big Integrated Names like Exxon and Chevron, or the Services Companies like Schlumberger or Halliburton, or even the Explorers and Producers, they all bottomed in January, a month before Crude Oil finally put in its low. Energy stocks also bottomed first on a relative basis when compared with the S&P500.
Today we are looking at the current implications of this particular leadership in the stocks relative to the commodity and the direction in which they are heading: [Read more…]