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Note that both Energy and Financials in the P/E and Price to Book ratios are still IDEAL as compared to the rest of the field indicating higher earnings sensitivity and with Oil prices still rising the portfolio should move up quick at the consumation of this brief correction/selloff. ( logically speaking of course ). This is not fighting the tape it is being realistic for an non fundamental move in the charts. Low P/E stocks offer a chance for price to move up even with average earnings news. Book Values high relative to price indicate that the energy stocks are very rich in assets as well.