Nowhere Market

 | Aug 16, 2011 | 1:48 PM EDT
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We're back in the world where stocks fall so much faster than they rally that we have to take into account we are simply nowhere when it comes to the averages or individual stocks.

We are not at a level where we have any footing and we are not at a level where we can handle weakness from overseas.

We are at some level where we can cascade with no floor, for certain.

Right now, again, as we had last week on the way down, no sense of whether any particular company is doing well. And I want to make it clear that I don't like lockstep in either direction.

Like Doug, I believe in individual stock picking and the idea that every stock is the same and they all go down similarly -- except ones that go down even harder -- is repulsive.

Here's what I see happening. Without yield support we are totally adrift on any European news, and I mean any, because I don't' care what the French and German leaders might have said, the bears were not going to let this market lift.

When you are in no-man's land you have to recognize that everything is vulnerable except for gold. We all resent it but to me we have to repeal some of the big move back up until we get to a level where the stocks stop trading in lockstep and the recession proofers find their footing.

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