This market has a real hard time going up these days when oil moves higher. There are simply so many negatives now with oil in the $60s that you can possibly ignore it.
There real issue, though, isn't just the run in oil, which has gotten relentless even with the rig count moving up. It's that the inflows to this stock market are so small that it's become totally zero sum. If Chevron (CVX) is going to move up it will take the money right out of Amazon (AMZN) . Money in for Halliburton (HAL) means money out of Adobe (ADBE) .
I think we need an oil washout, given the Permian glut, but we can't get one until the Syrian situation is less in flux. I don't know when that will be so in the interim oil has become a great trade.
My suggestion is to get one of these and hold on until this run is over. We own Cimarex (XEC) for AAPlus and I wish I could say it is the best for this moment but it really isn't. As I said on the call this week, the group has bedeviled me. I just know, though, that the group's momentum is so strong that it is lifting all boats, and draining the water out of every other lake any other ship is on save Netflix (NFLX) !