But you also have to admit that until you saw the riots in Spain, the bulls looked like they could break the losing streak and start some serious end-of-the-quarter-and-month mark-ups.
I admit I am torn here. We have been buying a mixture of the Bristols and the Emerson Electrics (EMR), pretty much on a 2-to-1 basis. But the Emersons can take you down a lot more on the 1 than Bristol can take you on the 2.
But the industrials are so, so far behind the market that I would rather be a buyer into the weak August of Emerson than a buyer up here in Bristol after it has had a bit of a run. I like Eaton (ETN) in the middle of its 52-week range ahead of the Cooper Industries (CBE) deal closing more than I like Procter & Gamble (PG) at its 52-week high.
Of course, the issue is, how much performance are you willing to lose to catch a fourth-quarter rally in the industrials off of good news?
Today, the answer was none. But how much was Spain and how much was Caterpillar (CAT)?
I bet 65%-70% was Spain and the rest CAT-like ramifications, and if we don't get another CAT and don't get more protests, then we will start climbing by the end of the day, a notoriously difficult day to judge because of the Yom Kippur holiday.