The worst thing about this market? The endless reloading in the same names: the banks, the retailers and the airlines. You have to ask yourself, who continues to sell these down here? Sure, the rates are going lower and lower and that means some -- but not all -- of the banks are going to miss their numbers. To look at the landscape, though, is to believe that numbers are wild high and that the government's going to put through some capital increases at the same time that many big European banks are in real trouble.
Now, it is true the Synchrony (SYF) comments about mounting credit card losses seemed completely out of line with previous statements about banks, but you can see the poison from that GE (GE) spinoff seeping into American Express (AXP), Discover (DFS) and Capitol One (COF).
Retailers don't have it easy despite a decent retail sales number from the national level -- plus 0.5 vs. the 0.3 we were looking for. Credit woes can weigh on them, too.
Walmart (WMT) and Amazon (AMZN) continue to coexist their way higher. (Amazon is part of TheStreet's Growth Seeker portfolio.)
Airlines? What can I say? It is as if every single owner of every airline is attempting to abandon ship. They are like defenseless antelope in some sort of nightmare wolf frenzy. Even the best one, Southwest (LUV), is down a couple. Hideous.
I will tell you one thing, though: Can you believe how smart GE was to get out of credit? That Synchrony deal worked for everyone, except those who just bought it. They are the ones hurting today and the best reporting you can find on that one's being done right here in the Fill or Kill team's insanely good coverage of all things aberrant in a very aberrant market.