It’s been a painful few days for stocks, but one corner of the market has had it even worse.
Energy has plummeted more than 6% to start August, the worst S&P 500 performer and only sector in a bear market. An escalation in the U.S.-China trade war pulled crude oil lower, a sell-off that spilled over into the energy trade.
Ari Wald, head of technical analysis at Oppenheimer, says it will get worse for energy.
“It’s a bearish trend and a poor risk-reward,” Wald said on CNBC’s “Trading Nation ” on Monday. “The sector has just not been rewarded when oil rises to the same degree it’s been slammed when oil falls.”
