The Spiders Select Sector Energy ETF $XLE peaked on June 23. 2014, at $101.29 right alongside oil. XLE is down 31.94% since it peaked and at one point it was down 41.75%, and then ProShares put in the bottom for the XLE.
.Many investors have given up on the energy names due to its recent performance. This is an ongoing cycle that has been around forever, overweight what has been working and ditch what has not. When investors give up it is usually the best time to get involved.