Yesterday ERX (This fund seeks daily investment results of 300% of the performance of the Energy Select Sector Index.) was down -2.75% while oil was up.
I think there was an artificial move in the oil shares yestersay, so possibly BigMoney was positioning yesterday in oil shares while small investors were selling. They just simply pushed down the price and small investors were selling their shares... Today ERX and some oil shares will open with a gap, if oil could break out also a lot of people would left behind when oil price is running to 40$ ...
As you see on the chart oil and ERX usually moving together. Yesterday was different , and today oil is up....