Why can't they kill this thing? You have big estimate cuts from Honeywell (HON) and PPG Industries (PPG) . Those aren't small companies. You have oil retreating below $50, something that doesn't fit into the bulls' game plan. You've got some nutty thing happening to the British pound. You have employment growth that's weak enough that when these pop-off Fedheads talk about tightening it is like they are from another planet.
And the market just won't give up the ghost.
Plus we have a moribund group come alive: retail. The logic makes sense. Gap (GPS) reported a decent number and if there hadn't been a fire at one of its distribution centers it might have qualified as a breakout number led by what looks like a turn at Old Navy.
You marry that with positive and well-received research notes about PVH (PVH) and Ralph Lauren (RL) and you get a decent rally in a hard-hit group.
I know there're tons of minus signs. But compared to where we were six hours ago?
You have to admit that it is daunting to be a bear especially with a market led by banks -- look at ActionAlerts PLUS holding Citigroup (C) , which reports next week -- and the bricks-and-mortar fashion plays. But then again they share no characteristics with Honeywell and PPG so the increases don't seem that extraordinary when you think about it. Positive research is moving stocks on what looked to be a wild Friday that turned out to be just plain tame.
