(Harvest) The real disappointment has been Energy since it was almost exactly one year ago that the price of crude oil dropped to $28 per barrel, which means that we’ve seen a roughly 90% – 100% increase in the price of crude the last 12 months, and yet Q4 ’16 Energy earnings are a significant disappointment, (note the negative downward revisions on the above spreadsheet). Energy is down 2% year-to-date. (Overweight Energy with a 8% – 12% weighting, via OIH, IYE, XLE.) Chevron has a terrible earnings report on Friday, 1/27/17.
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Updating the Sector Calls
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