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Why Both EV Stocks And Big Oil Are Rallying


One of the main things that attracted me to the energy markets a decade or so ago was that it is an area of the global economy that is a state of flux. Concerns about the environmental impact of fossil fuels have prompted interest and investment in alternatives and rapidly advancing technology has benefitted both those industries and traditional oil and gas businesses. For a trader, that translates to volatility no matter what the broader markets are doing and, as I learned early in life, in trading movement equals money.

That continuing struggle between conventional and alternative energy is usually painted as a zero-sum game, where the rise of one inevitably means the fall of the other, but this year has shown that that is not always the case. Eventually, decades from now, that will probably be true. For now, though, the sheer size of the global energy market and its sustained growth surge as we all become increasingly dependent on electronic devices means that big oil companies can continue to grow, even as alternatives gain ground.

That explains why, in recent days, two seemingly opposite sides of the coin, Tesla (TSLA) and Chevron (CVX), can both report good third quarters and show massive one-year gains in their stocks.

Tesla once again made fools of the Wall Street analysts by nearly doubling their forecast earnings last week, while Chevron this morning reported EPS of $2.96, a comprehensive beat of the consensus estimates for $2.21. If the zero-sum…

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