In fact I can pretty much make a case for any airlines, finance, health care, defense, consumer packaged goods, retail, restaurant, technology, household products, utilities, travel and leisure, and real estate investment trusts on any pullback. And we are seeing a pullback for certain.
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You can read a great deal into these situations, and it's worth trying to puzzle through them.
First, we have the obvious beneficiaries of the reduction in gasoline: airlines, restaurants, retail, travel and leisure. These are, frankly, all moonshots. These shares are up pretty much in a parabolic fashion -- which is usually self-destructive, and would indicate that they are set for any sort of fall if oil sees a short-term bottom that takes it back to the $60s per barrel.
This is something that Carolyn Boroden, the Fibonacci Queen -- one of my favorite off the charts tutors -- says could happen this week. See my assessment of Boroden's relevant chart here, starting at about 3:55, and her chart below.