A year ago I wrote an article about the unconventional trend of fund flows into energy ETFs as prices continued to plummet.The surprising fact is that investors were pouring more and more money into these funds even as deflation continued to decimate both commodity futures and energy stocks.This runs contrary to the typical cycle of outflows in a plunging asset class as fear of further losses sets in.

Clearly the goal in this strategy was to predict a sizeable rebound given the ample disparity between the offset energy sector and broad-market indices that were trading within close proximity of all-time highs. Nevertheless, a year later we have yet to see a sustainable bottom emerge in the energy complex despite the continued best efforts of speculative investors.