The Breadth Is Impressive

 | Oct 14, 2013 | 4:35 PM EDT  | Comments
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Stock quotes in this article:

RTH

,

wfc

,

vale

,

mmm

,

cat

,

cmi

,

ba

Deal or no deal, you have to be impressed with the sector breadth in today's action.

Think about how the Market Vectors Retail ETF (RTH) has come back from the grave, despite all of the retail disappointments. Or how about the action in the oils and oil services? They are totally separating from the price of crude. (Thanks to colleague Matt Horween for pointing that out). Or how about how the banks acted today? For example, as much as I like Wells Fargo (WFC), I sure didn't care for that quarter. But the stock's now rallied back here, which is pretty monumental.

I am also impressed with the mineral stocks. Vale (VALE) had its biggest move in ages and Alcoa (AA), despite the fact that no one spoke up for that quarter, continues to drift higher.

Meanwhile, the industrials just don't quit and I am amazed at the strength of 3M (MMM), Boeing (BA) and Cummins (CMI), even as I have championed them forever. Even Caterpillar (CAT) is nicely above when Jim Chanos slammed it at the CNBC Delivering Alpha conference not that long ago.

You can put all of this in the hope-springs-eternal camp because wouldn't you like to hear from naysayers Boehner or Cantor that there's a deal brewing and not a Republican senator as the senate's never been that hard line.

The stocks are saying don't be short, even as they've said that before and been very wrong. Can it be different this time? All I can say is that this strength is most impressive, particularly when you consider the pain of the government shutdown and the pending earnings parade that has so often led to disappointment of late.

Perhaps the market's saying if Wells Fargo was awful and it didn't go down, maybe the market's just in a forgiving end-of-the-year place.

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