A Gloomy Day

 | Apr 01, 2013 | 3:41 PM EDT
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jpm

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bbry

Dreary day for the bulls. It's almost as if the first quarter didn't occur, or that it was all phony and the market is now showing its true colors. Tech was bad in the first quarter -- and, well, it's real bad again now. The materials were horrible; they were even worse Monday. But today the sellers are getting to the food and drug stocks, as well, with the exception of Allergan (AGN) and new name Pinnacle Foods (PF). Plus the transportation stocks are getting crushed.

Were these all propped up in the first quarter? I don't think so, but there was always enough money coming into this market to support a name like UPS (UPS), even when FedEx (FDX) blew up.

There's some real weakness where you wouldn't expect it. Cisco (CSCO) boosted its dividend huge, yet it can't get out of its way. There's real strength where you wouldn't expect it, too: JPMorgan Chase (JPM) is rallying after some hideous days, and BlackBerry (BBRY) is putting some points on after having gotten smothered last week.

The one constant: We hear all of that stuff about how the first quarter produces good gains for April, but that sure isn't reassuring the sellers. They look like they are in a real hurry to get out, and the market is accommodating them, but only at sharply lower prices.

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