Big Oil Has Become Too Hard

This column was originally published on RealMoney on March 6 at 11:50 a.m. EST. It's being republished as a bonus for TheStreet.com readers.

At what point do people just say, "Owning oil's too hard?"

I believe that point is rapidly approaching. Despite my affinity for the group, it's just playing too much havoc with performance.

I thought of that this weekend when I recognized that almost none of the stocks that Investor's Business Daily focuses on in its 100 list is still oil. The momentum is gone, courtesy of the endless backing and filling. The incredible decline in natural gas has made people feel that the whole run has been an aberration. Which is too bad, because that's just untrue. But fighting it has been way too hard. ...