I'm putting this day into the surprise-comeback pile, a day that could shrug off a strong dollar and weak oil ... but not before the dollar got weaker and oil stronger.
Yep, they are still very much in control.
All day today, I heard people waffling a bit on how they felt, and I put myself in that camp. As we told people on the big Action Alerts PLUS call that so many of you liked -- and I thank you -- we are back into the "if the Fed does the wrong thing" mode, a mode I didn't expect to be back into for at least a month.
When you are in it, you feel like it just sucks the possibilities out of the air, like the barely budging response after that amazing KB Homes (KBH) quarter because, of course, the Fed can always make that be "the last bad quarter."
Still, I can't join the camp established by my good friend Doug Kass, the one that says it's a bear-market rally. Of course, I read his view and it's cogent, but as much as the Fed shakes you, there's still plenty of PVH's (PVH) out there who do 20% growth on a brand that you might have thought to be old and tired: Calvin Klein.
I was worried about the multiple peaks that Doug's focused on, of course. But if Janet Yellen is distancing herself from people who have decided that the decision didn't bind them and the employment number shows a decline in wages, then I think the bear case will be repudiated once again.
Suffice it to say that events changed at the tail end of a shortened week with the Fed rebellion, and you have to tone it down even from a few days ago simply because who would have thought there would be such disrespect of the chairwoman's view one week after she spoke?