This Market Just Keeps Ticking

 | Feb 05, 2013 | 4:02 PM EST  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

jpm

,

san

,

yum

The president couldn't kill this market! He came on television, told us there are more taxes coming, didn't give us any real hope, beyond very short-term, that we could get beyond partisanship and beat the sequester.

And nobody cared. In fact, there was a brief moment when we went higher! I thought the market was jesting. I could have argued that the tax talk should have been able to at least bring out some sellers. Nope, just all net.

Usually the banks specifically and the financials in general act extremely poorly when the president talks, but as my friend and co-writer Matt Horween has pointed out, JPMorgan (JPM) is breaking out, and that's as good a bellwether as it gets.

Days like today, when we almost erase the decline of yesterday, are frightening to many who had decided that this move had run its course when we hit Dow 14,000.

That kind of thinking is so silly. The program selling we hit at these levels is legion.

We hit. We retreat. We come back. Especially when you have the extraordinary earnings we seem to see every day. And perhaps more important, my two "stocks to watch," Banco Santander (SAN) and Yum! Brands (YUM), are telling you that things are just fine. Santander has come right back. Stephanie and I have been telling Action Alerts PLUS readers that you have to be patient with Yum! Brands, and I know the numbers still have to come down across the Street.

But the action is telling. When things are as horrible as they really are right now at Yum! and this is all you get hit, meaning you can get out here, not meaning it won't get hit tomorrow, that's a sign of a much more benign market that we thought we had on our hands yesterday.

Columnist Conversations

It was a quiet start to the week, in as much as the broader market was concerned. With only three trading day...
Market closes flat as oil & commodities take hit today on back of stronger dollar...something that could c...
Latest PAYX/IHS Small Business Jobs Index released today...Mountain region and Texas metro continue to lead th...
So far, this one has held the pullback to the key low. You can have a stop either below the pullback low at 3...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.