Now that was one miserable day, far worse than it even looked because it was one of those days where the smart people you talk to were more inclined to be humming "This is the end, my friend," by Jim Morrison, than "Sittin' on the Dock of the Bay," by Otis Redding, where I wish I was instead of watching the selling go on.
Let's just say, first, most of the selling seems almost forced in the oil patch. I found myself thinking today if you haven't sold your Freeport McMoran (FCX) now, what's the point? Wait until it goes to the single digits like in the Great Recession and then sell it? If you are still in Cliffs Natural (CLF) because you like it when activists come in, you own a lottery ticket. Why not see if it wins?
You heard about whole countries blowing up. How many times did someone tell you today that Brazil's goose is cooked? Did you hear anyone speak of the competence of the Chinese Communists? Now we think they are a bunch of fools. A couple of months ago, we thought they were going to take over the world.
Yeah, today was "bad news," as my friend and writing colleague Matt Horween would say, and the toppiness wasn't lost on me.
In fact, the only good thing this market has going for it is that it is despised.
Biogen (BIIB), Capital One (COF), Brazil, China. What hath these negatives wrought?
Somehow, it doesn't feel like it will be any better Monday, and if it is, the sellers will be out in full force by 9:47 a.m. ET. Yeah. That's the time they come in when it's higher. I know it. I have a commercial break when it does.