So now do we just reverse, given that Apple (AAPL) and Yahoo! (YHOO) are real good? Honestly, it might happen.
One of the reasons I was so sanguine at the top of this morning's Squawk on the Street is that you don't know what the next day will bring. Heck, in 2015, you don't even know what intraday will bring.
We had a bunch of companies that reported not-so-hot quarters, but only a handful were really terrible, namely Freeport (FCX), Microsoft (MSFT) and Caterpillar (CAT).
Freeport is hideously overlevered, having spent billions buying an oil company at the top to try to diversify away from copper and gold. Now all three are in the dumpster and FCX did nothing to help the cause.
Microsoft's problem was really a case of a CEO seeming not to know how to tell a narrative. His last calls were much better. This one has no theme, just cats and dogs, and it didn't hang together at all. Plus, many of us were expecting something bold. We got nothing.
I feel bad for Caterpillar. Like Freeport, it bought a company at the top, this time one that made coal mining equipment in China, and it's been a disaster. CAT's just terrible -- wrong place, wrong time.
In the morning, United Technologies (UTX) was mentioned as a proximate cause of the decline, but it rallied nicely the rest of the day. Procter (PG) hurt the Dow, but it could have been worse than the 2% organic growth it demonstrated.
3M (MMM) was terrific. So was Pfizer (PFE). DuPont (DD) wasn't bad. If it weren't up so much on the Nelson Peltz initiatives, it might not have been down. I wonder if he bought more.
Now you can't X out a CAT or a MSFT, but if you take a look at who did well after the bell -- Yahoo, Apple, Juniper (JNPR), Electronic Arts (EA) -- that's a big cohort. You can imagine if the Federal Reserve stays on hold and we get good numbers from Boeing (BA) tomorrow, we could sail.
And that's what makes it so hard to be dogmatic about this market. It has no memory for good or bad. When Intel (INTC) reported not that long ago, we heard the PC was back. Today we heard it was dead. Yesterday we were worried about Seagate (STX), tonight we were thrilled with Western Digital (WDC).
That's why I say, expect volatility. Work with it.