Expect Markups in Energy Stocks Here

Will the dip in energy stocks be short-lived? Or is today the best day to mark up your energy positions?

I believe it is the latter. I actually expected oil and gas stocks to react to the futures today and head down, but that would be asking too much, given the strong performance of the oil and gas group. These stocks are being bought with reckless abandon, as Rev Shark notes.

My take is that they all will have good quarters, but that the buying today seems a tad unnatural, given that we typically have had tandem declines with the futures.

Meanwhile, though, I would bet that, now that both the feds and The Wall Street Journal are watching end-of-quarter buying -- Jesse Eisinger doggedly reported that last month in the Journal -- the safest day to buy with abandon would be today, with a couple of days left in the quarter.

That way, the markers can move the stocks up today and then just play defense on the bid side. Perfectly legit and really hard to detect.

For me, it is a good opportunity to trim back from the pure gasoline plays. Now, if only the natural gas stocks would come in. That group, I like into the winter.

Random musings: Amgen (AMGN - commentary - Cramer's Take) is pulling away from Genetech (DNA - commentary - Cramer's Take) as Amgen gets some good news on bone drugs while Genentech's Avastin stops enrolling for trials in late-stage ovarian cancer. I still would buy Genentech, but Amgen's got the mo.

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