Energy war-profiteers kill the banks

Typically, banks and energy companies enjoy a similar factor rotation in stock markets, marked as cyclicals.

Both benefit as the economic cycle enters the expansion phase, which is where we should be about now.

However, the last week has witnessed a startling divergence in this relationship. Banks have suddenly gone from cyclical heroes to late-cycle bust zeroes, while the energy war profiteers are tearing it up:

There are 1140 words left in this subscriber-only article.

Get your first month for $1

Comments are hidden for Membership Subscribers only.