Kerr-McGee Rests Before It Rises Again

This column was originally published on RealMoney on Aug. 17 at 11:30 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

The dynamics in the current market are interesting. It seems that the most popular concern is that rising energy prices will have a negative impact on earnings across most sectors, so the market goes lower.

But those darned energy stocks that should benefit from the high cost of oil are also pulling back. Shouldn't they be moving higher?

The inverse relationship we might expect just isn't holding up right now. I think the reason is simple profit-taking among widely held stocks. With the market beginning to roll over, even the strong stocks become weak. ...