While Kyle Bass once remarked that "the brevity of financial memory is about two years," it appears for today's energy stock traders the period of goldfish-like memory is a mere two days... As the following chart suggests, the 'bounce' in XLE - the S&P Energy Sector ETF - is entirely decoupled from credit's uglier-and-uglier reality (just as it did on Tuesday, only to crash again yesterday).
Trade accordingly...
Chart: Bloomberg

