Maybe it's those pesky transports.
Every time I see one of those airlines catch a bid -- today it's Spirit's (SAVE) turn -- I am reminded that this group can be a force of good, not evil, for the bulls, if we could just get all the estimate cuts and downgrades out of the way. This group's so important because, without the transports confirming, we are always going to feel like we are on quicksand, and you aren't going to get the all-clear signal from the rails or the freight forwarders, not after FedEx (FDX) just reported that disappointing quarter.
I think that's one of the reasons why they couldn't crush this market. The other is the redoubtable way the growth has of hanging in. I don't have a story on the strength of Netflix (NFLX) and Amazon (AMZN) other than "they've been resting." I do hear Tesla's (TSLA) going to get a super-de-duper financing package that will truly goose the stock. And Facebook (FB)? What can I say? It's a bull face plant! (Facebook is part of TheStreet's Action Alerts PLUS portfolio. Amazon is part of the Growth Seekers portfolio.)
Given the give-up in the euro, the tanking in durables and the peace-out by Goldman Sachs (GS) about a tepid June for retail and we should have given up the ghost today.
Nope. Just one frustrating session for both bulls and bears, even as the bears had that boost of negativity from Fed Governor Jerome Powell about how the time is nigh for rate hikes, to which I say, Stretch -- his nickname in college -- could you at least hold off the rhetoric until the Greek deal gets blessed by the leaders of Mount Olympus?