The Selling Feels Muted

 | Mar 21, 2013 | 11:22 AM EDT  | Comments
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Stock quotes in this article:

csco

,

orcl

,

arg

Why don't people sell more here? I have written endlessly about the seller's remorse issue -- that you can't get back in, that you watch the averages go by without you, and you feel terrible, so you just go buy something, anything.

But would it really surprise anyone to be down 2% today, considering Cisco Systems (CSCO), Oracle (ORCL), Airgas (ARG) and the terrible European purchasing managers index numbers, on top of the Caterpillar (CAT) and FedEx (FDX) situation from yesterday?

Don't you think it is logical to sell? The market isn't made up of homebuilders and things that go into homes, even as KB Home (KBH) -- which was up big before the opening, was down big when we opened and is now creeping back -- says things are great.

I am puzzling over this, because in any other market that we have been in since the beginning of this millennium, let's face it, we would be down huge.

We haven't seen this "everything is one-off" behavior since the days when the market used to shrug off a U.S. Robotics downgrade, for heaven's sake. Everything is being viewed as a company's own fault, and then it is being viewed that the company will fix it by the next quarter.

This isn't forgiveness.

It is get out of jail free.

Now I have been a believer that the U.S. economy is getting stronger. But I am also a believer that we are not ready for the sequester firings.

I am a believer that our markets are strong, aided by Ben Bernanke's bond buying.

But I am also a believer that Europe is horrendous, and for all I know, a lot of what's ailing Oracle really is Europe -- the company was pretty silent on it -- plus a cutback in government spending here.

I am not a believer that Cyprus is Lehman. I am a believer that Cyprus will color next week's trading.

I guess I am just marveling like everyone else. It should be down hard.

Where are the darned sellers?

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