Sometimes I feel that I am the only guy looking at stuff, because the moves are so breathtaking, I think no one should be talking about anything else.
I am talking about the gigantic breakout moves in copper and the euro today. These are big billboards saying "Buy China" and "Buy international companies with big European businesses," and I think not everyone is seeing it right.
First, 40% of copper is used by China. You can't get this lift unless something is really happening there, something meaning a lot more than what we have currently heard about.
Second, so many of our companies are using $123 on the CurrencyShares Euro Trust (FXE) as the benchmark for the quarter that if this keeps up, we are going to have revisions upward for Procter & Gamble (PG) and Kimberly-Clark (KMB) and Coca-Cola (KO) and Johnson & Johnson (JNJ), and they aren't moving up enough right now on that good news.
Sure, Caterpillar (CAT) and Freeport-McMoRan (FCX) are roaring. I like that. The coal plays have traction. But these are breakout moves that are game-changers. So much of what has stalled this market had to do with a breakdown of both of these.
What if we get a breakout?
I think there are plenty of stocks as diverse as United Technologies (UTX) and 3M (MMM) to Alcoa (AA) and Boeing (BA) that don't reflect either move.
Nah, the people I talk to? Everyone hates this market today as much as they hated it before.
Like it doesn't matter. Like nothing matters.
