When the only thing you have to cheer for if you are a bull is the decline of Plug Power (PLUG), then you know you have a noxious tape.
Except this one is randomly noxious. Copper is rallying, but, this time, no one cares. Some of the best oils, including Continental Resources (CLR) and EOG Resources (EOG), are putting on some big points, but that strength isn't translating to the rest of the group.
Meanwhile, the rout in high-quality tech names, including Google (GOOG), continues in horrendous fashion. Plus, the banks are absurdly heavy in part because of an FDIC lawsuit, but also because rates need to go much higher than the 2.64 level, the current residence of the 10-year, if they are going to make enough money to beat the estimates.
I think that you have to place some small bets into the close in case we see a resolution over the weekend, so you can do some selling into a strong opening. I like Big Pharma, domestic plays and the discounted biotech names.
It is just a nasty, capricious tape right now. If you are in the wrong sections, namely banks, industrials and the most aggressive portions of tech, you are being crushed. Without some sort of resolution in Ukraine, it could stay that way for a while.
