Yes they absolutely have. These stocks will slowely drift lower. Look at how the ag stocks poped. Check the ag charts. The drop won't be sudden but very gradual. Oil stocks will correct 20-30% from here. The same goes for coal and metals. The party is over. Any rally will be a selling opportunity. Today all these stocks lagged the market. This is a definite sign of a top.
you guys have been wrong since the OIH was trading around $ 170.00 and will continue to be wrong. Stocks in this complex will not correct by 20/30%. How do you arrive at those figures or is it just a figment of your imagination.
These companies have earnings growth of 20 to 30% for the next few years, backlogs for services,not to mention possible consolidation. Just because something goes up in value, more than most believe does not constitute a bubble.Look at Google or Apple over the past few years as examples. Sure they became overbought corrected and resumed there climb. As far as AG stocks go it's probably time to do some shopping unless like most on this board you like to buy high and sell low
The last phase of the rise in these stocks was very parabolic, which at a minimum signifies a near term top. Momentum markets trade on psychology more than earnings visibility. The ag stocks topped out over a month ago and they also have a lot of earnings visibility. We need a wash out of the oil stocks before moving higher. I still think that the next 1-2 months the oil and other energy and commodity stocks will correct at least 20%. Even if oil moves higher, the oil stocks will not. The market is telling us that oil above $130 will adversly impact our economy. Fear is never good for stocks, even oil stocks. This has been a very crowded trade and when everyone realizes whats happening, the downside volume will pick up. I plan to sell into stregth, rather than build new positions.