NEW YORK (Real Money) -- The oil and the dollar trades go so hand in hand, we can't tell which is which. But it might not matter because they are pretty much two sides of the exact same trade.
Let me explain.
I have been describing the sea change going on as a belief that the dollar has topped and oil has bottomed. I am trying, frantically, to figure out how against-the-grain the sea change really is right now. Think about it. When you see high-quality domestic stocks that were viewed as safe, lower-gasoline, strong-dollar plays, getting hit pretty much by the day, you have to wonder how far along the sea change already is.
Here are some examples of domestic companies that reported really fabulous quarters but are already well off their highs: Costco (COST), $145 down from $154; Urban Outfitters (URBN), $40 from $47; Jack in the Box (JACK), $87 from $99; DineEquity (DIN), $95 from $114 (IHOP and Applebee's); Kroger (KR), $70 from $77; Nordstrom (JWN), $76 from $83.
Or consider the health care companies that had been bid up furiously as a place to hide from the strong dollar, even as they had no oil exposure: Cardinal (CAH), $85 from $91; AmerisourceBergen (ABC), $114 from $120, or Actavis (ACT), $289 from $317; UnitedHealth (UNH), $113 from $123, Cigna (CI), $125 from $135 and HCA (HCA) $74 from $80.