"Nobody thinks "buy defense" any more when oil spikes. They just think buy oil and ag. And they sell retail. I find that pretty amazing. Higher oil prices mean a slowdown in the economy, which means buy drugs and foods, or at least drugs. But the group is bizarrely despised.... I read this terrific article last night in SFI, the Santa Fe Institute magazine, that talked about this market's inherent emotional irrationality. Today's Exhibit A about how right that article is."