Yes, that’s what it looked like, but nothing changed with oil all week. The only thing which changed was Nu/Xi/Omicron hysteria and consequent market dive.
“Drug manufacturers rose, with shares of Moderna MRNA, which makes one of the most widely administered COVID vaccines, skyrocketing more than 20%. Pfizer shares PFE advanced by 6%.
However, those gains didn’t offer much of a lift to pharmaceutical-related funds, including Invesco Dynamic Pharmaceuticals ETF PJP, which ended down 1.6%; iShares U.S. Pharmaceuticals ETF IHE, up just 0.2% on the day; and SPDR S&P Pharmaceuticals ETF XPH, down 1.9%.
Travel-related stocks
The popular airline-related exchanged-traded fund U.S. Global JETS, which has come to serve as a good indicator of the market’s view on the progress out of pandemic-related restrictions and toward economic recovery, closed down 7.2%.
Aircraft maker Boeing Co. BA retreated by 5%, and Southwest Airlines LUV stock was more than 4% lower. Shares of American Airlines AAL slumped more steeply, losing 8.8%. Meanwhile, Expedia shares EXPE were down9.5% and United Airlines UAL traded off almost 10%.
A separate exchange-traded fund that is sometimes used to represent optimism about changes in activity tied to COVID restrictions, the ETFMG Travel Tech ETF AWAY, was down 6.4% on Friday.”
Somebody(s) made BILLIONS on Friday - shorting travel/aerospace, betting on pharma - all due to the Omicron hype.
Oil is what they want people to believe.