Do we forget where Portugal is on the map in the afternoon? Do people forget that Greece isn't resolved yet? Do they just get bored by Europe's troubles and focus on how well Chipotle Mexican Grill (CMG) and Panera Bread (PNRA) are doing? Do we just recall that Nike (NKE) is doing well and that Apple (AAPL) is a horse?
There is a big amnesia factor in this market that comes on in the afternoon. We can't think about why we sold Netflix (NFLX) or Microsoft (MSFT). Why did we sell AT&T (T) and Apache (APA)?
It is insane in a way how the morning bears confront the afternoon bulls, and the bulls have the last word. Sure, if there is a specific downgrade, a la Bank of America (BAC), you don't get much lift, but if a stock has no real news associated with it, then the market defaults to recalling how the company did, and if it did well, then all is forgiven.
So odd. But so sustained as to be a defining trait of 2012.
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