But there is so much power in this market, particularly the rotation to the high-growth stocks, that you have to be amazed at how we've been able to hold up.
You have to bebblown away by the action in Starbucks (SBUX), Lululemon Athletica (LULU), Panera Bread (PNRA), Chipotle Mexican Grill (CMG) -- up 8! -- and the other high-growth stocks, as we are simply getting one of the most powerful rotations I can recall.
Of course people are worried about Spain, so some can't resist dumping into the close, but the rotation held up through it.
This market has become actually predictable, after years of unpredictable behavior. When there is a slow set of numbers like people think we have had in China, they buy the high-growth stocks that don't need economic tailwinds, although you have to be rocked by the action in Caterpillar (CAT) and the rails.
Previously, in 2011, everything would have been walloped.
I believe that this is simply profit-taking of the highest degree after the two best back-to-back days of the year. The only thing that I am really concerned about is that both Apple and Google are down.
I get why someone might not like Google, given the possibility of a gigantic deal and the oddness of the lack of a plan for its Motorola acquisition, at least that we can tell.
But I otherwise think that the action is stronger than I would have expected, given the hideous close in Europe.
And yes, I would be buyer of Apple here.