There's a new skein of thought going on: we've gone down enough to be able to make it when we get the quarters that are in line and not better than expected.
I am not buying this.
Think about it: JP Morgan (JPM) was clearly better than expected. Sure the CEO spoke of some areas that are of consternation but you can't say it wasn't a good quarter.
PepsiCo (PEP) delivered a clean beat. It may not seem that to people because the stock went down. But we had lots of good lines in the release that could have created a rally. Delta's (DAL) quarter was much better than expected and you caught a one day bounce but that is it.
In the meantime, we are getting crucial downgrades that are working like the one for the steels which is crushing the group that should be the biggest beneficiaries of the tariffs. The Credit Suisse piece talks about a slowing economy that has crushed pricing for steel.
Meanwhile, the Chinese stocks can't get any footing: look at (BABA) . That bodes poorly for their market which is crucial for any rally.
I remain adamant that if you have negative things to say on your call, even from these levels, your stock will go lower. It's a rare moment when stocks rally on a preannouncement or a number cut.
This isn't one of these moments.