I got nothin'. Any brilliant insights have already been written all over the various outlets on which I write. Actually, my not so brilliant (read: dumb) insights have already gone out over the web, too, flying to all corners of the globe bringing their message of.......(sound of screaming and vinyl records scratching).
Here's the deal, the stock market is sick. Sometimes it acts as if it does not realize it but bear market germs are quietly taking their positions. So what's the blog about today? Whatever tidbits I can recall to conscious memory.
1 - In doing commentary on Weight Watchers (WTW) stock plunging 20% this morning, Charles Payne said it was a sad comment on America. Stocks such as McDonalds, Dominos and Yum Brands are doing great.
2 - Bad economic news is supposed to spark selling but today the worse the news the better stocks do. Thanks Fed and your billions of dollars conjured out of thin air.
3 - Europe is going down.
4 - Hello double dip America.
5 - Retail stocks have done really, really well but unemployment is still high. Just where is the money being spent coming from? And I am not talking about Harry Winston, Sotheby's and Coach. I am talking about stocks catering to the masses.
6 - Apple's big-a**, market saving rally lasted through one premarket session. Once the regular session opened last week it started to fall and keep falling through today. Suckers.
7 - Excerpt from the April 30 Quick Takes Pro (you mean you still have not take a free trial? Come on already).
Last week, as you know, we posted example after example of insane moves following earnings reports. Most were to the upside - even as the company lost plenty of money - and many were to the downside. The theme was double digit percentage moves but with a big chunk of them in opposite directions.That's it.
What's the big deal? Normally, the market either forgives indiscretions at earnings time when it is feeling happy and wants to keep moving higher or it punishes them when it is feeling nasty. Having both at the same time is quite out of the ordinary.
We are channeling the Hindenburg Omen. This indicator is not in force now but it serves as a similar example of a fractured market. In the HO signal, we see lots of new 52-week highs and even more new 52-week lows at the same time as the market moves higher. Call it a narrow market or a disjointed market but the meaning is as ominous as its name.
Seeing massive movement on earnings in opposite directions tells us the same thing.