The energy sector is still near bear-market territory, but Raymond James chief strategist Jeffrey Saut sees an opportunity.
div > div.group > p:first-child"> The energy sector is down 18 percent from its 52-week high, edging close to the 20 percent threshold that delineates a correction from a bear market.
"My father used to always tell me that cheap stocks tend to do very well, and when the upstream master limited partnerships blew up, people sold everything. They sold the midstream and they sold the downstreams," Saut said on CNBC's"Trading Nation" on Monday. Three years later, the energy space has still not recovered. The XLE ETF remains 36 percent below its June 2014 record high.
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