It's the continuing story of the rich getting richer and the poor getting poorer on wall street. No I don't mean traders, I mean the sectors that have done well continue to do so, while those that have lagged the market are accelerating to the downside. Today the Dow fell by less than one point, while the Nasdaq was down by 20 points. The S&P 500 was almost exactly unchanged. 
It was a completely tug of war on wall street as the energy and basic material sectors pulled the market higher but the financials and the transports drug the market lower.
Take a look at the damage being done in the financial and transportation sector as far as the 52 week low list. All these names hit new 52 week lows today:
52 week lows in the financial and transportation sectors
- Bank of America (NYSE:BAC) Shares fell 4.5% as the company continues to be dogged by its impending takeover of Countrywide Financial (NYSE:CFC).
- Wells Fargo (NYSE:WFC) Wells Fargo has actually been one of the best performing banks through this credit market meltdown, but it has been hit some of late as well.
- MBIA Inc. (NYSE:MBI) This stock plunged another 13.77% today and bankruptcy fears are starting to mount.
- Northwest Airlines (NYSE:NWA) This stock plunged 17.27% today as its CEO blamed speculators for the high price of fuel NWA is paying for.
- Jet Blue (Nasdaq:JBLU) JBLU shares fell 6.58% and are now trading below $4 a share.
- Ameriprise Financial (NYSE:AMP) Even this financial planning behemoth is feeling the pain these days. Warren Buffett got off board and the market has followed his lead.
At the same time these stocks are floundering because of economic worries, we have other companies who have no issue with where the economy is right now. The problem with that is they are basic material and energy names. This means that consumers are paying outrageous prices at the grocery and the gas tanks, but I'm sure that you already knew that unless you live under a rock.
In fact, despite the overall markets weakness of late there are a few notable new 52 week highs in this group today.
52 week highs in the energy and basic materials sectors
- National Oilwell Varco (NYSE:NOV) This stock surged another 8.36% today. Can the times get any better for them?
- Halliburton Company (NYSE:HAL) Shares jumped 5.96% after news the company is giving up its pursuit of Expro.
- United States Steel (NYSE:X) This steel powerhouse has been a steady gainer in the last few days and hit a new high today.
- Helmerich and Payne (NYSE:HP) For a stock that went nowhere for so long this thing is on the move in the last 6 months in a huge way. The stock has gained almost 100% in 6 months time after sitting near unchanged for more than 2 years before that.
- Praxair (NYSE:PX) Slowly but surely this thing continues to hit new highs on strong volume.
Basically the main loser in this is the consumer. The two groups that are doing so well are only doing well because of huge gains in prices that are being passed on to consumers. It obviously also isn't in the best interest of consumers to have transports or financials doing so poorly.
When will this trend end? There is no end in sight, but things certainly will change over time. In the past as the street was the most negative on these sectors they turned it around, and it will surely happen again, but when?
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