Investors Show Some Appetite

 | Jan 24, 2012 | 4:17 PM EST
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Boy, has the world changed. Most of the European markets were headed down, some down hard early this morning, on a series of disappointing quarters. We had worries across the board in the industrials and the techs, and some people, of course, were worried about the banks, given that Greece was still hanging out.

It was pretty easy to see how we could start crafting negative scenarios, given that some of the earnings were just pushes, and others, such as McDonald's (MCD) and Verizon (VZ), were actually hailed as negative.

But it didn't matter in the end. There is so much money pouring out of bonds and into stocks, so much money going toward tech and industrials, so much money going into discretionary stocks, that the dip was used to buy. Plus, when you have tech theses with gravitas -- the cloud, the semi bottom, the cellphone sales -- then you have lots of people salivating on any weakness.

So many people were saying you have to take profits or you have to wait for a pullback that I think that sideliners got nervous and used even this mild dip as a chance.

And the next thing you know, the momentum was all bullish into the close.

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