This market's putting on an insanely happy face. Insanely happy because it is so ridiculous what's going up and what's not, that anyone who tries to make sense of it will end up in an intellectual cul- de-sac.
- The part makers of phones by Action Alerts PLUS portfolio holding Apple (AAPL) and the assemblers of Apple phones and watches are on fire after the geniuses who tear down Apple products found lots of semiconductor parts from the likes of Growth Seeker portfolio stock Skyworks (SWKS), Cirrus Logic (CRUS) and Avago (AVGO). Plus Jabil (JBL), which puts together Apple phones, reported a monster good quarter and jumped up 16% on the news. But Apple itself is barely budging! What the heck is that about?
- The consumer products companies, which do poorly when the dollar is strong and interest rates go lower -- they are bond market equivalents -- are roaring. PepsiCo (PEP), Clorox (CLX) and Mondelez (MDLZ) are leading.
- Some tech like Cisco (CSCO), Intel (INTC), salesforce.com (CRM) and Workday (WDAY) suddenly jumped up, with little inspiration or promotion. Sure, Cisco got a good note and Intel caught an upgrade, but these stocks haven't reacted to a lot of good news until today. Why today? Oh, and have you noticed that IBM (IBM) has stopped going down?
- Retail has been in a funk, but today it isn't. Why? We don't know, but Home Depot (HD), Walgreen (WBA), ULTA (ULTA) are all on fire. No push, but roaring.
- UPS (UPS) and Federal Express (FDX) seem to be trading up, without any real spur at all. The transports take their cue from these, and that group has awoken from a slumber.
- Can you believe that Domino's (DPZ) could roll up four out of nowhere? Or that Chipotle's (CMG) almost at an all-time high? Nothing to explain either.
- The biotechs can't get out of their own way, as if Hillary Clinton's preparing another attack.
No matter, the hangman's giving reprieves all over today, regardless of whether they are deserving. Yep, just another irrational day -- except this time to the upside.