We start the day worried about Japan. By midday we have forgotten about it and by the end of the day we are buying stocks that report tomorrow, like Merck (MRK) and Pfizer (PFE), even without any knowledge that they will report.
Or Herbalife (HLF) rallying ahead of its quarter. The call buying in this one is immense. Who can blame people. If I managed Herbalife, I would be saying, "why not buy in stock with a Dutch tender, we're growing must faster than Tupperware with a much lower multiple?"
All of the moves are about hope. They are about perspective moves and re-valuations based on news.
In the meantime it is same old same old for some of these down-and-out sectors. Oil's become the poster boy of what not to like. Minerals are still problematic and the insurance companies, former darlings, are now in the doghouse because of comments from Travelers about price cutting to get business.
Just marking time. But underneath, perennially bullish bids on what is about to happen.