Why didn't we get clubbed yesterday? How were we able to come back from down 90 Dow points? We had a series of presidential tweets that were positively conspiratorial in nature and, if without founding, pretty darned reckless.
We had Europe turn down on that Deutsche Bank (DB) offering, which could be the first of many.
We are staring down the barrel of a loaded Fed weapon.
And we had no earnings -- the strongest part of this tape -- to buttress us.
In other words, there was nothing of substance to keep us hanging on.
But we did.
That's just what happens.
Sunday night we looked like we had the makings of a real rollover based on instability in Washington.
But I believe that, secretly, many portfolio managers are giving up on the down 400 day that they say they would buy on. They come in down 100 in small increments and do some buying.
I am not saying this market is bullet-proof. I am saying that there are stocks like Welbilt (WBT) and Domino's (DPZ) that were on Mad Money last night that would be fabulous to buy in a market selloff. One is pulling away from the pizza pack. And the other just pulled away from the Manitowoc crane company.
They join hundreds of other companies that have nothing to do with Trump that people want to jump on, they just never seem to get the chance, so they take whatever little means they get and they grab it.
That's the real bid underneath so many talk about. The institutional buyer with so little stock on his sheets, who has to pay the offering and would rather die than to do so, but has to anyway. The one that comes out when we are down 90 Dow points and is grateful for the opportunity.