an tSionna {04.16.12} Energy

Here's that chart of energy I promised you.  I'm showing you a chart of the Ishares Dow Jones US Oil Equipment ETF {IEZ} because it has some of the big boys in oil equipment.  For example, according to Morningstar, Schlumberger {SLB} is close to 19% of this index and Halliburton {HAL} is another 9%.  With stocks up around 9% for the year, you can see how this has significantly underperformed in 2012.  In fact what you can't see in this chart is that this ETF and the major stocks in its index are all trading at levels last seen in December 2010.  Will have to do some work on the group this week as some of these names are beginning to look cheap.  I understand the issues with oil and natural gas but I'm wondering how much of this is discounted by now in the stocks.

*Long IEZ in many client accounts.  Long HAL as a legacy position in certain client accounts.