For months investors reaped the rewards of long positions in energy-related stocks while simultaneously going short financial names. That trend abruptly reversed in July after oil hit its apex and financial shares began to recover. However, popular strategies tend to die hard, and some analysts believe the fundamental picture remains strong for energy stocks and cloudy for financials.

"There are fundamental investors who still believe that in the long-term this is the right trade," says Sveinn Palsson, U.S. derivatives strategist...