The answer may have been revealed earlier today in Bank of America's breakdown of what smart money investors were doing. While we already reported that for the 13th, record, consecutive week, hedge funds, institutions and private clients were unloading risk exposure, one other group of client were buying energy stocks in record amounts: Pensions. 

This is what BofA said:

Pension fund clients—a sub-set of institutional—were net buyers of US stocks for the second week, led by record purchases of Energy stocks by this group. They were also big buyers of Industrials and Tech. Unlike the other groups, pension fund clients are net buyers YTD.

In other words, as virtually all other institutions are exiting the market at a record pace that has surprised even Bank of America, one specific subset of "clients" is buying energy stocks with reckless abandon at multiples that only make sense if oil was back at $80: the same group who is tasked with the fiduciary duty of protecting your pensions, dear retired readers.