This market's playing skeptic today. JPMorgan Chase (JPM) truly reports a good quarter and it doesn't mean much. Citigroup (C) is an amazing comeback story with a gigantic number of sign-ups for Costco (COST) , enough to move the needle, and the stock runs then retreats. Costco barely gains at all even though you have to be impressed with all of the new business that it might be doing. (Citigroup and Costco are holdings in Jim Cramer's charitable trust, Action Alerts PLUS.)
But the market's not skeptical of the negatives. That devastating Matthew Boss call from J.P. Morgan on the retailers, the one that kyboshed the stocks of Macy's (M) , J.C. Penney (JCP) and Kohl's (KSS) on expected shortfalls, is having a huge impact.
Do you really have to ask? It's oil. The turn down in oil, which should help the retailers, caused the Boss-led decline to be accentuated, although I have to believe there's more coming.
I know that retail's been spotty. There's no doubt about it. The question, as usual, is all about whether this is a department-store call -- meaning the usual, not enough home and too much Amazon (AMZN) -- or is there something larger at work? You know this is hard to figure out because Gap (GPS) reported a good number and you have to be respectful of the idea that if Gap is doing well maybe others are too.
But Boss' call takes that off the table as his work is pretty impeccable.
Just another problematic day. Just another disappointing rally at the opening that had to be sold