A Pretty Good Day for Bulls
Confused, I leave tonight confused. I heard so many people talk about the critical reversal and how stocks didn't hold their highs and I say to myself, "Can people actually name 10 instances in the last year where the pumped-up, off-of-Europe high wasn't the high?" That's just what happens. It has happened. It is the odds-on favorite always to happen because of structural inefficiencies in the market.
I think that, by far, the more important way to think of today is to say that Citigroup (C)), which was awful, didn't pull the whole market down. In fact we had stocks like United Technologies (UTX) and Sears (SHLD) that were up big and there really wasn't even a reason for it. Walter Energy (WLT) disappointed and didn't go down. Panera Bread (PNRA) actually rallied after being up so huge before this. More than 100 stocks hit a 52 week high. There were multiple gaps up....177 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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