Key Stocks Hold Their Ground

 | Jul 14, 2014 | 6:32 PM EDT  | Comments
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Somehow, before this second leg of the bull market began, when the feds got out of the way, we would have been able to clock this market at the end of the day. Certain stocks that were important for the rally -- Citigroup (C), Facebook (FB), Amazon (AMZN), Google (GOOGL), Boeing (BA) -- would have been keyed on and felled by put-buying and short-selling. The leadership would have been shot, and along with it would go the rest of the market.

But as the swoon set in later in the afternoon, those stocks just stood there, the buyers not stepping away not one bit, not unlike when the sellers didn't step away a week ago. It's as if the market made up its mind: It's going to be a good day, so don't even try to knock it down.

Now I make no secret of the fact that the market just doesn't really work well. Some big ETF buyers can turn this market, just like the ETF sellers on the other side. But this market likes to buy what's down, especially off a brokerage call, no matter how fatuous, and while it can't change direction intra-session, it sure can change from day to day.

Of course, this market has seen a good earnings report from Alcoa (AA) that is still creating a rosy hue, so-so earnings (at least by expectation) from Wells Fargo (WFC), and strong numbers from Citigroup. Tomorrow the real parade begins. I think that expectations were low for Goldman Sachs (GS) and JPMorgan (JPM) until today. All they have to do is give even somewhat of a positive forecast, and they will work.

I think both can, or we wouldn't own them for Action Alerts PLUS. I just wish they had been down today. Would have made life a heck of a lot easier.

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