This Year Has a Different Feel

 | Jan 11, 2013 | 2:58 PM EST
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Waiting for this market to get tired, waiting for it to show some sort of true colors.

Let me give you some examples. The level of disappointment that I heard about Wells Fargo (WFC) today was much more muted than last time around. In fact, people shrugged their shoulders, despite the run, and said "they are doing pretty well when you think about it."

No throwing that one to the wolves.

American Express (AXP) is still up pretty nicely from where it was, even as they used terms like cautious consumer in their conference call, in part because the consumer turned out not to be that cautious.

Ford's (F) going higher again on the same news. That's highly unusual and positive.

Microsoft (MSFT) and Intel (INTC) are both UP after we found out that personal computer sales are down more than 6% last year.

How can that be?

Cummins (CMI) was downgraded today. That stock goes down two, three, maybe four bucks on a downgrade. Not today. A buck and a half.


Stocks go down. But it's not vicious. There are no freakouts. It's just not a forbidding market.

Anything's possible when we get into the guts of earnings season next week, but consider this: the J.C. Penney (JCP) downgrade was just punishing, horrid, left you breathless. The stock got pummeled at the beginning of the day.

Now it's barely down!

How can that be?

So far, 2013 just doesn't feel like the last few years. Maybe it's because there is more money in. Maybe it's because if you are still in, you aren't easily shaken.

You just expect more of a selloff than you get.

But there are buyers underneath pretty much every day.

Just a "nice" tape, no doubt about it.

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