Below is a historical chart of the ratio between oil stocks and oil. When the line is rising, oil stocks are outperforming oil, and when the line is falling, oil is outperforming oil stocks. When oil tanked at the end of 2008, the ratio spiked like it never had before. Since the ratio peaked, however, it has fallen nearly as fast as it rose. The current ratio is right near its average over the last 7 years, but it is “oversold” based on recent action. At some point this ratio is bound to reverse as oil stocks begin to catch up with the commodity, the commodity begins to pulls back in, or both.