Been some weird trading in energy this week. On days when oil is up, small cap oil stocks go up (as one would expect), but big cap oil stocks go down. On days when oil is down, this reverses - big caps up, small caps down.

I thought I was being clever by selling calls on ERX (triple bull big cap oil stocks) in order to hedge my plunge into small cap oil stocks, but the expected relationships are not working.

Don't know what to make of this - seems to be part of the fear trade - on days that gold is up, oil is usually up too. Still doesn't explain why big and small cap oil stocks go in opposite directions.

All this thinking is hurting my head - maybe I should go back to Margaritaville........