RE:cenovus holding up real well today...I think oil and gas stocks are holding up very well because investors are starting to realize that with rampant inflation you want to own something "real" that can't be printed by the Federal government.
If you sell O&G stocks at this point then what do you do with the cash? The interest rates at the bank are still going to be net negative numbers (even with the hikes) and what other sectors are looking promising in the market? Not many that I can see in an environment with inflation and rising interest rates.
If you think we are heading for a deflationary period then you want to sell commodity stocks and horde cash but I can't see that happening unless we see a huge meltdown in consumer spending and that is very unlikely in the world that we live in.
I have a substantial position in both CVE and SU but I am going to hold for a while longer even though I know that many in the market place will freak out over the hedging losses--even though this has been public info for weeks.