NEW YORK (TheStreet) -- Ahead of OPEC's meeting on Wednesday in Vienna where a September agreement to cut production will either pass or fail, oil prices are declining. WTI Crude closed lower 3.9% to $45.23 on Tuesday.
Additionally, the ETF tracking the energy sector, the Energy Select SPDR ETF (XLE) was declining in afternoon trading on Tuesday.
"Who knows if there will be a deal tomorrow. The one thing that stands out to me is every one of these oil stocks be it explorers, drillers, pipelines, are moving linked together, joined at the hip. What we call a 100% correlation to each other," Harvest Volatility Advisors managing director Dennis Davitt said on CNBC's "Power Lunch" this afternoon.
The opportunity this gives investors is to narrow down which is the "best in breed" in the XLE, he added. "Then just sell some options in the XLE against it."
He urged investors to do their homework, and use due diligence, to analyze which stocks are best.
"Then, take advantage of this quant movement back and forth in mass around the XLE," Davitt said.