Have Oil Stocks Seen Their Peak?
Editor's Note: This is a bonus story from Gary B. Smith, whose commentary usually appears only on RealMoney. We're offering it today to TheStreet.com readers. It originally published at 8:26 a.m. EST today. To read Gary B. Smith's commentary regularly, please click here for information about a free trial to RealMoney.
Let's stipulate that we're all focused on oil right now.
Naturally, we'll beat this horse to death, with the only saving grace being that if it wasn't oil, we'd certainly be worried about something else. I mean if not oil we could fret about General Motors (GM), AIG (AIG), Fannie Mae (FNM), the "housing bubble" and any number of other issues.Still, I'm wondering if the fact that the energy topic is now making its way onto the cover of national magazines hasn't actually marked the top both for the commodity and the surrounding industry. As Jon Markman pointed out yesterday:
A decline in energy stocks often presages a decline in the price of petroleum, as early-bird portfolio managers take their profits well ahead of news that the commodity itself has peaked.True enough, but do the charts match Jon's theory? See for yourself in today's "very special" Chartman, featuring charts for ExxonMobil (XOM), ConocoPhillips (COP), Sunoco (SUN), Murphy Oil (MUR), Kinder Morgan Energy Partners (KMP) and the (XOI)Amex Oil & Gas Index.
Charts produced by TC2000, which is a registered trademark of Worden Brothers Inc.
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