While Kyle Bass once remarked that “the brevity of financial memory is about two years,” it appears for today’s energy stock traders the period of goldfish-like memory is a mere two days… As the following chart suggests, the ‘bounce’ in XLE – the S&P Energy Sector ETF – is entirely decoupled from credit’s uglier-and-uglier reality (just as it did on Tuesday, only to crash again yesterday).
Trade accordingly…
Chart: Bloomberg
via Zero Hedge http://ift.tt/1zbGeCx Tyler Durden