There are a ton of reasons why we should go down today.
First, there's the reports that the big HMO deals -- the Humana (HUM) -Aetna (AET) and Cigna (CI) -Anthem (ANTM) mergers -- are about to get blocked by the Justice Department. I have seen these kinds of blow-ups bring down whole markets; instead, this one isn't even blinking.
Second, while I said that I thought this quarter would see the end of the tight linkage among the dollar, oil and the S&P 500, oil has failed to rally during this entire advance and is at its low and the dollar is not cooperating, either. Yet the oil stocks are almost diffident. They don't seem to react to anything. Some were up today when oil started its descent.
Third, forget politics. I don't know about you, but I felt very fearful after watching last night's show. Fear is usually not the salve, the balm of higher prices.
Fourth, everyone has been worried about casual dining for weeks now, but a Pokeman giveaway in Japan has driven up McDonald's (MCD) sales to the point that it's impacting the stock itself, which has been in a real slumber. No more.
Fifth, Spirit Air (SAVE) truly blew up last night but it had almost zero impact on the entire group. Delta DAL is actually up!
These are all surprising, yet nobody seems to even notice them.
Just a different kind of market, for certain.