A Real Head-Scratcher

 | Jul 23, 2014 | 4:32 PM EDT
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Stock quotes in this article:

aapl

,

msft

,

utx

,

ibm

,

xlnx

This market's having a hard time with certain stocks.

It has turned on aerospace, even as there is a multiyear growth path.

It doesn't like any retailer, even the ones that are doing well.

It likes "misses" like Apple (AAPL) and Microsoft (MSFT) -- provided that the misses give hope.

It hates hits like United Technologies (UTX), even as the company did quite well.

It forgives old tech that doesn't get it right, like IBM (IBM), while it is just brutal to Xilinx (XLNX) for a revenue guide-down.

I have spent most of today trying to get my arms around how the market can be rallying so much with stocks in so many sectors like aerospace, banks, consumer packaged goods, restaurants and retailers and much of new tech not doing well.

It is puzzling, and I am not ready to make a judgment yet -- there are just too many conference calls to listen to.

But one thing is for certain -- it sure didn't feel like an all-time high for this guy.

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