Thursday, March 03, 2005
Oil has continued its huge move up today. The oil stocks I own are participating in the rally ( I imagine the Unocal (UCL) news is helping too). But as I look across the energy stock universe the move is not as big as I might have expected. This may be a signal that the equity market does not think $55 oil can hold. I am fairly agnostic about what the price of oil does in the short term. I am overweight the group for long term demand reasons and so I would not look to sell into this strength but for shorter term people it may makes sense to lighten up a little bit.
Posted by Roger Nusbaum at 11:45 AM