A Horse of a Tape

 | Sep 20, 2012 | 4:05 PM EDT
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What a horse this tape is. This morning, many people wanted to bury it because of Bed Bath & Beyond (BBBY) and Norfolk Southern (NSC).

We don't have that kind of market. This one takes its cue from the positives, as well as the negatives.

For every Bed Bath & Beyond there is a ConAgra (CAG) that puts it all together. For every Norfolk Southern, there is a Kraft (KFT) or a General Mills (GIS) that just nails it, or a Costco (COST), Limited (LTD) or Ross Stores (ROST) that regains its footing. It might cast off one retailer, but then it comes back to a Starbucks (SBUX). It might drop a rail, but then it circles back to General Electric (GE) and the oils.

As I told my friend and colleague Matt Horween, who commented this afternoon about how B&G Foods (BGS) just hit another 52-week high, there is a reason for this. It's because we are in a good market. Simple, some would say circular, reasoning, I know. But what I am pointing out is that in bad markets, Bed Bath & Beyond and Norfolk Southern would trash the Dow, as we would ascribe Bed Bath & Beyond to a weakened consumer and Norfolk Southern to a slowing industrial base.

Instead, we just look for something else to buy.

This market is something else, for certain.

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