Biotech and clothes and a couple of retailers do well when oil goes down.
That's one way to look at today's ridiculous market where big pharma's getting hurt and the large industrials are headed down again.
This market makes statements every day. But they are different statements, often having nothing to do with each other.
Today it has decided that conglomerates with an industrial bent can't make the numbers. But it has decided that social media companies can, although Google (GOOGL) sure can't. It decided that chemical companies might as well be oil companies even as that's just simply not the correct correlation and all auto companies are doing badly.
Oh and anything that gets downgraded, whether it's Emerson Electric (EMR) or Dover (DOV) or Morgan Stanley (MS), can't possibly recover.
In other words, there's no real rhyme or reason other than people reacting to oil in some form or another, either through selling the S&P 500 or buying the airlines, or selling the industrials even after the S&P has already taken them down, or buying Pioneer Natural Resources (PXD), for no reason whatsoever.
Just another day where it is so thin that one big buyer, making a stand, keeps a stock up and another big seller, making a stink, drives a stock into oblivion -- with more stocks being driven into oblivion than going higher.
Not much of a coherent day at all.