From the Desk of Ian Culley @IanCulley
We like buying energy.
Who doesn’t?
Energy stocks are resolving higher and holding their breakouts, something few market areas can claim this quarter.
It makes sense.
Interest rates are rising across the curve as the US 10- and 30-year yields eclipse last year’s high.
Procyclical commodities and value-oriented stocks are responding as they tend to benefit the most as yields climb.
And when we add a dash of stock market rotation – bam!
Energy-related assets are making contact!
But while rates continue to rise and energy names are ripping, crude oil has not been able to break out…