Get used to it. We aren't in Kansas anymore. We are in Oz, where it's exciting and wild and we haven't seen anything like this in ages.
It is, indeed, a horse of a different color.
That's because we are in a world where all people care about is who spoke last with the Fed, where oil is trading, and whether there is a sense that Hillary Clinton or Donald Trump is going to win, and they are antithetical to each other.
It only took one day, last Friday, to realize that we can lose an awful a lot of money in a hurry, and that pretty much broke the spell.
Yes, we don't have a lot of data points, but I have found over the years that September's negative bias -- the worst month of the year-- is deeply linked to locking in gains.
When we lost 400 Dow points on Friday, lots of hedge funds recognized that they better lock in what they can. That's why I suggested that people focus on a list of stocks that will rebound regardless of what the Fed does.
I know this: I am at a conference, Delivering Alpha, where I haven't heard a single good thing, not one, and the conference colors what isn't colored by oil or the Fed.
What's really incredible to me is that demand for the expensive product of the world's largest capitalization stock -- Apple (AAPL) -- means nothing. It's all about jittery shareholders desperate to take their cue from something, anything, and watching oil, more than anything else, is the cue that seems to have gripped most sellers off those IEA's numbers that show a longer term glut.
In this market, when we get to the inventories tomorrow and they are low again, we will reverse this selloff.
That's about as stupid as possible. But that's the way it is.