Traders Stay Skeptical

 | Mar 05, 2014 | 4:36 PM EST
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Does anyone hear any cheering? Does anyone know of any real champions of the market? Even many of the biggest bulls still out there will admit that if the Fed were to become an enemy and rates were about to go up, then they would have to abandon stocks, even if the economy is getting better.

That's how the market fell 6% not that long ago. That's how we could take a huge dive on Ukraine woes. That's because so few people actually believe.

Yes, the momentum mutual fund investors who love revenue growth are in heaven here, because they are being rewarded and rewarded and rewarded.

Nobody else seems too enthused. It's like there is a memo out there that says, "Keep one foot out the door." Nor do we get gigantic moves on good news unless the futures are with us. Honeywell International (HON) held an incredibly bullish analyst meeting, but without the futures at its back the stock ended up doing nothing.

No sooner did I hear that Ukraine worries had abated, I heard about some Chinese solar company bond that is supposed to be the Bear Stearns moment for China.

Skepticism is rife. Exxon Mobil (XOM), a company that prides itself in saying that everything is fabulous even when it isn't, is cutting back its exploration-and-production budget, even as most are going the other way, and it nails the stocks. No one overlooks it.

Yes, you will get a Facebook (FB) today that went up on an analyst push, and Bristol-Myers Squibb (BMY) rallied yesterday on a positive article. But for the most part, I regard the rallies as muted and the critical faculties in play.

Sorry, I just don't hear the cheerleading. And frankly, I listen and read pretty much everything that anyone is saying about the stock market.

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