Countercyclical stocks are those that do well when the economy is doing poorly.
Advance America is an example. They lend money at brutal rates to poor people in hard times. More poor people, more hard times, more money for Advance America.
So imagine what it means today when the only stocks on my screen that are up today are Diageo and New Frontier, purveyors of Guinness and pornography. It means the market thinks that there will be enough layoffs for lots of people to be sitting around drinking beer and watching porn all day.
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