Another Confounding Day

 | Jun 04, 2014 | 4:20 PM EDT
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This thing is hard to kill. Each day we get some sort of re-rating that just dazzles or an upgrade from some analyst that seems obvious and we all wish we had thought about it ahead of time.

Just today a Deutsche Bank research analyst said Walgreen (WAG) stock could go up 14 to 15 points by changing its tax status -- and the darned thing jumps big.

We get a totally unconfirmed rumor that Medtronic (MDT) is looking at Smith & Nephew (SNN) and MDT rallies about two bucks to a new high.

Under Armour's (UA) been weak but today an analyst said stop worrying and be happy, and the stock jumped two-and-a-half bucks.

Goldman Sachs reiterated that it likes Delta (DAL) and that gives the airline group still one more boost.

The biotechs go higher because they have technically broken out.

Ford (F) and GM (GM) have the reaction today that they should have had yesterday.

Prudential (PRU) and MetLife (MET) roar higher off a realization that they are way too cheap vs. the bid for Protective Life (PL).

Apple (AAPL)? Turns out the developers conference will provide earnings later in the year.

None of these stories is revelatory. None. In fact, there were almost no surprises at all, or the news that was being reacted to was either out there already or was just rumor.

Now we are going into a double whammy of European Central Bank rates and the U.S. nonfarm labor report. Why the heck didn't we go down ahead of what are surely events that can't help but be deflating?

Just another confounding day in the market.

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