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Shaking it off

Jason Goepfert
2020-04-17

Energy stocks soared on Friday even as crude oil plunged. Normally there is a high positive correlation between their daily changes. There have been 6 times in 30 years when energy stocks jumped and oil dropped hard, and over the next week, energy stocks added to their gains 5 times, with the sole loser being small. The dates were 2008-09-16, 2008-10-16, 2008-12-02, 2020-03-26, and 2020-04-06. Relaxing the parameters to get a larger sample size, the bias still mostly held true, but was not as consistent.

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