Look, if I didn't think the Friday selloff made sense given the good news from the Fed the day before, there's no way in hell I thought we should rally today.
First, we had the strongest dollar we have seen in ages, something that's antithetical to higher stock prices as Brian Sozzi made clear earlier today. We don't want energy any higher than it is or we aren't going to get a retail wind that's sustainable, even as retail stocks went higher than oils today.
And no way do I like that interest rates soared because you can see what it did to the stock of Lennar (LEN).
Plus, tomorrow we are going to get day two of the populist Hillary Clinton about drug-stock gouging, something that I think it is easy pickings, but as Allergan (AGN) CEO Brent Saunders can explain, it's not that easy to take away the funding for lifesaving medicines, and while there are ne'er-do-wells who raise the price of drugs obscenely, as we heard today, that's actually not the common practice.
Yes, drugs cost too much and, yes, the government should use its buying power to get lower prices. But that's not the law of the land, and I don't think it will be any different under a President Clinton.
This market has become one giant exercise in stupidity. Really, how in heck could Buffalo Wild Wings (BWLD) hit an all-time high today while Chevron (CVX), EOG (EOG) and Occidental (OXY) barely rallied. How could Target (TGT) ramp when oil shows resilience here? Aren't these at odds? You bet they are. (Allergan, Target, EOG and Occidental are part of TheStreet's Action Alerts PLUS portfolio.)
I just want some rationality. I want stocks to do what should happen, not what the algorithms say should happen. Until then, I can't be comfortable. Too much risk that the wrong thing happens on the wrong day and the market just gives up the ghost.