How about a rally based on something, anything. I see the same stocks go up a little bit less on these big up days than they go down on the bad down ones. We are in a moment where Fed heads can't disturb you ahead of the meeting.
But honestly, to take our cue from Europe again -- not China -- when the dollar's up is to create false security. There was nothing good -- not rates, not forex, not earnings -- to trigger this rally, which makes me most suspicious.
There were stocks that I watch, pure growth stocks, that have been acting well. Can you ignore the action in Buffalo Wild Wings (BWLD) or Under Armour (UA)? They could break out. Starbucks (SBUX) and Nike (NKE) look like the exact same stock. Boeing's (BA) comeback is duly noted. Skyworks (SWKS), NXP Semiconductors (NXPI) and Avago (AVGO) have all been climbing. I like the action in Kraft (KHC). (Boeing is part of TheStreet's Trifecta Stocks portfolio. Skyworks and Under Armour are part of the Growth Seeker portfolio.)
And of course, Facebook (FB) remains a beast. (Starbucks, Kraft and Facebook are part of TheStreet's Action Alerts PLUS portfolio.)
All of these stocks are trying to scale the impossible and get to the 52-week-high list with varying success. However, they are up so huge from where they were, you have to think that only the most benign of Fed action allows them to punch through resistance.
Plus, some action is just unfathomable. I have heard many explanations for what is going on in the oil markets and the oil stocks, none of it makes sense. Certainly nothing that can have a real impact: Obama's not going to let these oil companies get more capital by allowing them to sell oil overseas. But some did very well today.
In fact, the whole day seemed silly because, again, it's not based on anything. Just not the kind of ground I like to build from.