Unless you were at the club all day playing golf you know that crude oil was up over three bucks today and that is on top of the 17 it was up during May alone. You would expect oil stocks to do quite well and indeed in the morning they were up.
But by the afternoon, when it became apparent that the stock selloff was going to stick the XOI index closed down a quarter percent Here's some more fun:
The USO oil ETF was up 3.8% (OMG that is huge)
The DUG ultrashort energy sector ETF - which was down huge in the morning - closed up 2.6%!
Zoiks! Talk about playing both sides of the fence!
Stocks tend to lead their related commodities - I'm just sayin'