The global economic recovery won't be so great for industries with excess production capacity. What's an investor to do? Keep an eye on these resilient stocks and sectors.

Big industries -- aluminum, autos, steel, memory chips -- are awash in excess global capacity, with more scheduled to come online. (I've described the problems in some of these industries in recent posts such as "Ford's dilemma" for the auto industry and "Alcoa delivers bad news for global profits" for the aluminum industry.)

Because the world hasn't begun to address the problems of excess capital and the excess production capacity that it creates under today's economic rules, the global economic recovery is going to turn out to be extraordinarily profitless in industry after industry as producers with...