Lockstep down. Unremitting. Just everything. Including many stocks where we know things are doing better, not worse, relative to the market, where we know that they relative performance will be terrific.
Today will be a day that Dominion Resources (D) goes down. Teco Energy (TE) will yield 6%. General Mills (GIS) will momentarily give you a 3.5% yield and Pepsi (PEP) will get hit again despite reduced raw costs. It will be like Target (TGT) and Home Depot (HD) never told you anything good, and McDonald's (MCD) will plummet for no reason. You will get Linn Energy (LINE) and Kinder Morgan Energy Partners (KMP) at surprising prices. And then you will get them at even more surprising prices as the market doesn't lift later in the day.
The high-frequency traders will exacerbate the move even though they will claim no role whatsoever.
The whole time we will shadow-box, as today's a perfect day to circle back to the SocGen cancer and have the permabears who came out of caves last week to grab microphones and airtime get back and grab 'em again. Point gains will be repealed, the financials will be a in a world of pain, and we will ask -- endlessly -- "Do you expect a retest of last week's lows ... and will they hold?" The long-only funds, the BlackRocks (BLK), will say they are buying. Bill Miller will proclaim it one of the great buying opportunities and Warren Buffett will quietly reiterate that he was buying hand over fist at the exact bottom because he is an "exact bottom" buyer -- even though he is anything but.
In other words, same old same old.
I find it aggravating if only because it is so pat. Even the crises are pat!
But that's what will happen. So we will let it play out, and those who claim to be 100% short and stayed short will be viewed as heroes. Meredith Whitney and Nouriel Roubini will be vindicated again and interviewed, and everyone will hang on their every word.
Until we are lower and the selling stops, which can't happen intraday because the declines are so steep that the double and triple ETFs will have to come back and blast down the prices.
So, dust off last week's game plan. Here we go again.