What truly matters is not the news headlines, but where the funds are fleeing to, which types of assets are being forced to sell first, and which benefiting assets are not rising.\n\nEnergy stocks have not kept up with oil prices, which is the most informative point.\n\nThis is more valuable than the rise in oil prices themselves, because oil prices reflect the current panic, while energy stocks reflect the discounted future cash flows.\n\nIf even the energy stocks that should benefit the most have not confirmed synchronously, it indicates that the market is saying: this round of rising oil prices is more event-driven, rather than a long-term repricing of supply and demand.\n\nThe message conveyed by the market this time is very clear: everyone is treating it as a shock to liquidity and risk appetite, rather than the starting point of a long-term super cycle.