The rally comes amid a massive comeback for crude oil. The commodity surged more than 8 percent Monday, settling above $49 a barrel and is now up nearly 30 percent in the last week.
But despite the recent strength, one trader is betting that the space will soon resume its decline.
"I think this is a pop that should be sold," Andrew Keene said Monday on CNBC's "Trading Nation." The XLE, the ETF that tracks energy stocks, was up more than 1 percent Monday while the other S&P 500 sectors were in the red. "I think the XLE heads back to the lows."