Energy has been a good performer this year. But today energy stocks of all stripes are selling off, big time. With oil hovering above $100/b, perhaps the market is seeing potential demand destruction, not only for oil, but also for other commodities?
China's surprise trade deficit adds to the heightened uncertainty. Middle East issues are not going away anytime soon, but market will probably get used to it.
We think this is an opportunity to take some risk, especially in the energy sector.
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