That's what it feels like, an oil-related stall out.
I say oil-related because there aren't a lot of other inputs that could be fodder for this reversal.
If we think that Ralph Lauren (RL) is a read-through to retail, retail should be higher. And, miraculously, despite the downturn in the market, it still is, led by my favorite group: the dollar stores.
If we think that big-caps should lead, you have to be impressed with the benefit of the doubt the market is giving to Disney (DIS) CEO Bob Iger for his 12th straight double-digit quarter of growth. The delta I alluded to earlier is still lurking, but at 16x earnings maybe it is baked in. (Disney is part of TheStreet's Trifecta Stocks portfolio.)
And then there is oil. The inventory number undid this little rally and we all know it, but we hate playing pin the tail on oil. We want to pin it on something else.
I say don't bother.