Courtesy of Joshua Brown, The Reformed Broker
An abysmal day for stocks in general as we digest the possibility of a Saudi Arabian rebellion. All this turmoil means only one thing – stubbornly high oil (and by extension, gasoline) prices.
The Dow Jones Transportation Average looked like Charlie Sheen walking out of Drai’s at the Barbary Coast, squinting in the first rays of a blinding Las Vegas dawn. By which I mean it was pummeled for almost 3%.
Who else no likey the oil price surge? How about entertainment names, hotels, airlines and anything else that requires a looser consumer purse…
You know why the aluminum sector is in this beatdown list? Energy is the biggest input cost for these companies.
So which sector is thriving in the midst of the mayhem? I’ll give you two guesses.
Yup, you got it.
