Sure, we want central bankers to act. But it isn't like nothing happens while we wait. Just the opposite. While we wait, we get news like we got tonight from FedEx (FDX).
I know we all suspected that numbers could be too high since the last time FedEx gave guidance, particularly after United Parcel Service (UPS) said so many negative things when it spoke.
But it doesn't make the sting any less and the selling any lighter. In fact, I figure now that we have to endure a round of transport estimate cuts that could nauseate us as we wait for the European Central Bank and the Labor Department to make their pronouncements.
As we are in the last month of the quarter, you have to bet that this is not an isolated, one-off incident. That puts more pressure on the cyclicals than we got today. They remain the most difficult place to be.
Random musings: Yes, I think that Heckmann (HEK) should still be bought. It's not done yet.