Signs of Resilience

 | Sep 05, 2012 | 11:28 AM EDT
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FedEx (FDX) preannounces to the downside, and it is down only a buck and change? ING (ING), a huge shareholder in Capital One (COF), courtesy the sale of ING online to Capital One, offers its stock at $55.75, and the stock then rallies a quarter of a point?

Dollar General (DG) blows the numbers away, and the stock moves up again? Conn's (CONN), a consumer electronics store that also sells bedding and furniture, hits it out of the park, and the stock takes almost a 10% jump?

These are signs that the market is hanging in and hanging in for certain.

Of these, the most difficult to fathom is FedEx. I figured it would be down 3, but it always seems to find a bid underneath. Maybe short-covering? I never know with this stock, but what a horse it is, considering that this is the first down quarter in three years.

But Conn's and Dollar General and Capital One? Here we go again: domestic security. People can't get enough of local companies, particularly ones that are targeted to housing.

As long as we have a theme like domestic security, we are going to be able to weather what Europe throws at us, if they throw it.

Another sign that the market, while marking time, is not ready to quit just yet.

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