As France goes, so goes Fossil (FOSL).
Okay, give me credit, I am at least trying to find a linkage to cause selling as opposed to saying "see, I knew it was bad for France and Europe so we should sell America."
Today is one more day where we take out all stocks and shoot them and then circle back to those stocks that don't need cyclical growth, but need low commodity prices to make numbers.
But, yes, we will have to be careful to be sure that there isn't Europe involved as we saw from the forecast cut that Fossil gave us this morning.
Why does some silly accessory company matter? First, because it isn't silly. Second, because Fossil is joined with Coach (COH) which is jointed with Kors (KORS), which is joined with VF Corp (VFC), which is joined with PVH (PVH). I could throw in Deckers (DECK), but I don't like to pile on. Jeez, it could hurt Tumi (TUMI), too!
Sorry, that's how it is. They shouldn't all be killed but they will be.
Last night we had bunch of disappointments that remind me of Fossil in the sense that Fossil is a junior Coach. Mako Surgical (MAKO) was hideous. That's a heavily-shorted junior Intuitive Surgical (ISRG) because it makes robotic surgical machines to repair knees. So there goes the ISRG neighborhood.
We had a huge disappointment in the outlook for Synchronoss Technologies (SNCR), which is a company that helps telco providers to work with smartphone service. They cite AT&T (T). People will then presume that what's going on is that AT&T is cutting subsidies for Apple (AAPL), which explains the poor outlook and they will sell Apple.
Electronic Arts (ERTS) failed to deliver, AGAIN, and the bedraggled gaming group will get hit again.
And, of course, Wynn (WYNN) said some weak things. I don't even know if that even matters given that no one expected perfection, but we never want to hear anything wrong about the business of gambling, just the business of the White House.
With that lineup it won't matter. We get hit. We retest yesterday's lows.
We get more panic.
It's become the norm for weeks now. So, get your commodity-buying domestic and international names ready for buying.
You will need them.