Uh oh, a true colors day. A real sign of that this market's really about. See, the VIX was too low. See, it was all a canard.
That's how many commentators will speak about today if this trajectory holds.
The critics are desperate for the kind of selloff that we used to have when the gains are wiped out in a blink of an eye.
Me? I like this kind of day. We've been straight up. We need to shake out the flippers and the traders and all of those who think that any minute it's the end.
I always find the first day of these declines as days that brings out sellers. They are the people who give you a chance to buy. We've got some nice declines in cyclicals that will be worth bidding on tomorrow. Some good selloffs in tech.
Soft pullbacks in oils.
And of course, some real declines in a couple of retail plays like Ralph Lauren (RL), PVH (PVH) and Coach (COH). Those are probably buys, again, tomorrow. The first day of a pullback is just too hard and you have to be willing to pass on these prices and risk a move right back up than biting on the first decline. This market has too many enemies to risk buying on day one of a drop, even if, like me, you like the market overall.