The market goes through these bizarre mood swings. All of a sudden, people are concerned that we're in a soft patch and that it may get worse before it gets better.
Early in 2004, I predicted that energy's share of the S&P 500's market capitalization would rise from just below 6% at that time to 15% before the end of the decade. In January, its market-cap share was up to 12.1%, while its share of earnings had risen to 9.1% from 6.0% in early 2004.