I’ve maintained a steady interest in energy issues, and I’ve been noticing with increasing delight that energy stocks are acting weaker than oil. On days that oil is strong, energy stocks are either “meh” or, in some cases, down. On days that oil is weak, energy stocks are really weak. You can see the increasing spread here:

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This will play out nicely with one of my oft-cited shorts, All American Plains, shown below. After-hours news have battered the stock about 12% as of Monday evening, and hopefully the news will get worse during normal trading on today.

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