Sure didn't seem like it would be so ugly today. The sellers just kept reappearing as if they were determined to get out ahead of something, but nothing surfaced of any consequence.
To me, it just seemed like a day where Whiting Petroleum (WLL) set the tone, not McCormick Spice (MKC), where people cared more about fleeing Bristol-Myers (BMY) for no particular reason than they did about buying Merck (MRK), even though it was bookended with good news about a drug trial stopped because the results were too good to keep the trial going and then a $10 billion buyback.
Sell it tomorrow, for heaven's sake, not today.
Earlier, I indicated that the leadership couldn't get you anywhere today. In fact, the only stocks that seemed to be able to withstand the onslaught were either those praised by Contrafund manager Will Danoff in that exceptional interview with Scott Wapner from CNBC's Halftime Report, or were the subject of takeover rumors. Even then, Biogen (BIIB), which Danoff really talked up, rallied and then got slammed as part of the ongoing biotech correction.
I saw bargains. I liked the Wells Fargo (WFC) call to buy Kimberly-Clark (KMB) even as it couldn't hold its gains. Obviously, Twitter's (TWTR) going higher on something that's not idle. I don't buy for a minute the negative chatter on General Motors (GM) that it doesn't have enough cars with big gross margins to sell and it's selling too many low-margined cars. Really? People have been fighting this move the whole way.
Most important, I just didn't think the day made a ton of sense, and we are just churning while we wait for more data points that are better than the one Kansas City Southern (KSU) gave us yesterday with its peso- and oil-related decline, or the new supply in Whiting that truly dinged tons of speculators.
An unsatisfying day, to say the least.
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