The Market Loses Its Short-Term Memory

 | May 23, 2014 | 3:47 PM EDT
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This market is not only stupid and mercurial, it has amnesia too. Just a week ago, we were hearing about how you don't want to be long into the Ukrainian elections. There could be regional strife, maybe even the beginning of a NATO challenge. Now people are buying Yandex (YNDX) and Vimpelcom (VIP) and forgotten there even is an election.

Earlier this week, some commentators came on air and said that they see dire times, on the basis of complacency and obliviousness to the slowdown in the economy. They were worried, concerned, even convinced that the market was going to get hammered.

Where are they now? Where? And have they gone bullish because the market has been going up? I mean, we are having the best three-day skein in more than a month, right on the heels of their jeremiads. Did they turn bullish right after turning bearish? Inquiring minds want to know.

Or how about remembering from one afternoon until the next morning? Hewlett-Packard (HPQ) was sinking faster than the Titanic after it prematurely released disappointing numbers. Fifteen hours later, those same numbers have produced the best performer in the S&P 500. I know I was mocked in the morning because I said it was a good quarter.

How are those mockers doing?

Finally, has anyone noticed that one of proximate causes of the downturn earlier this week, the poor Caterpillar (CAT) numbers, actually turned into another "upon further review situation" as we recognized that the industrial portion of the numbers was up 17%?

Yeah, just ridiculous.

But nothing was more ridiculous than that (CRM) report that sent that stock down to be among the worst performers in the S&P, only to cause it to be among the biggest percentage gainers the very next day. Same numbers; totally different take.

It's just so stupid that the only thing more stupid is the refusal of other commentators, on air at least, to admit that this market has lost its mind and its memory.

At least it does so in a very jolly, pleasant way.

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