Bewildered, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, called this situation "crazy" and "nutty" on CNBC's "Stop Trading" segment Wednesday.
There's no reason Chevron should be trading higher when oil is in the mid-$40s and lower when oil rallies back to $60 per barrel, he said. If oil prices don't fall back to the previous lows, there will be "major acquisitions" in the energy sector, he said.
Turning to Under Armour (UA), Cramer says the recent strength in the stock may have to do with the National Basketball Association playoff battle between the Golden State Warriors and Cleveland Cavaliers.
Under Armour recently endorsed Stephen Curry, the reigning MVP of the NBA, who led the Warriors to win the 2015 championship Tuesday night.