A Pretty Good Day for Bulls

 | Jan 17, 2012 | 7:25 PM EST
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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.

 Then, after the close, Linear Tech (LLTC) reported a good quarter after it was recommended this morning, and Yahoo! (YHOO) announced a shake-up that brought out buyers.

What more do people want?

I see bargains, too, Domino's Pizza (DPZ) commented last week that currencies could hurt it. The stock traded all day like there's a downgrade coming. I hope there is. That would be a terrific opportunity. Meanwhile, some of the oil service companies, such as Schlumberger (SLB) can't get out of their own way. How long can that last with Brent crude so high? Norfolk Southern (NSC) got slaughtered at one point. Does anyone think that's a bad quarter coming?

I just want to caution people that summing up a day like today as saying it was "disappointing" when there is so much individual action happening that is creating opportunities seems like a total misnomer to me. Sure, we are due to get hit. Sure, many golems are lurking.

But what the heck? If you were a bull, today was a pretty darned good day.

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