It's incredible. You break the win streak and suddenly you hear about how China is really, this time, going to fall apart. You hear about all of the people who are just in cash. You listen to tales of those who can't believe oil isn't at $5.
It's always the same.
It never changes.
It's why, sometime, I am in total disbelief about what I read and what I hear after a selloff occurs after a couple of good days.
Obviously, all we really want to hear from right now were people who went 200% long on Thursday last. They were the right ones. Those are people who can tell us something. They can admonish us. They can straighten us out. They can tell us what they see. I am happy to learn from them.
Instead, we get those who talk their books who were wrong 48 hours ago, but now that we had a down day are going to be right as rain.
Here's where I come out. I think that things are better than we think, but that for every Panera (PNRA) there is a Jack In The Box (JACK) (they are both part of the Action Alerts PLUS charity portfolio) and for every Google (GOOGL) there is a Yahoo! (YHOO) and for every Tableau Software (DATA) there is a Red Hat (RHT), and that Growth Seeker portfolio name Amazon.com (AMZN) is really wiping out most of retail except a couple of big boxes, of which Nordstrom (JWN) is not a big box, at least after last evening. Of course, there are some fence-sitters. I didn't care for Wal-Mart (WMT), but it wasn't the disaster it looked, except when it comes to online.
But the most important concern I have is that we not go back to talking about the "macro" when it comes to individual stocks, because this whole period has been about winners and losers within ETFs, not in ETFs.
If oil's down, all stocks go down, but then some come back very hard ,much harder than others, even if they are in the same segment. So, please, if you are going to join the discourse, don't say how right you are going to be if you just bet against or sat out the three-day monster move. That's of no help.
Even as I am sure, if the market's down again today, you will no doubt be on the cover of a magazine or be giving a big interview about the collapse of what you hate, never mentioning that had you just bought what you hated four days ago, you could be done for the year with all of the profits you just made.