The rally in cyclical equities was necessary for further gains in broad market benchmarks. Material stocks rallied as we expected over recent days on the back of the weaker US$. The price of gasoline declined around -1.7%, while oil shed nearly -1.9%. But the bearish inventory report didn’t stop investors from continuing to buy energy stocks. While the period of strength for the energy stocks during the late summer and early fall is predominantly behind us, individual equity opportunities can continue to exist.