Good news is real good news in this environment. Take a look at PPG Industries (PPG), up 10% on clearance from Mexican antitrust authorities to buy a Mexican paint company that was supposed to be a done deal anyway.
What about the shocking pin action that we are getting off Expedia (EXPE)?Priceline (PCLN) has been in a world of hurt for ages, and then Expedia reports a terrific number, and suddenly Priceline's out of the woods.
What about Microchip Technology (MCHP) saying it was too negative, when it said the semiconductor world was falling apart? The next thing you know, Analog Devices (ADI), Avago Technologies (AVGO), Texas Instruments (TXN) and a bunch of other semis are bouncing right back because of Microchip's do-over. Thanks, Microchip, for causing people to lose billions.
What about the big oils which were correctly down at the beginning of the day because oil ticked under $80, then went up when oil went back over $80? I didn't expect that, if only because this group's been so horrendous, I would have thought oil had to go back to $85 to make something good happen.
The market is dramatically overbought going into the weekend, and we will not have the Japanese halo on Monday. But who knows anymore. Maybe it's China's turn this weekend.
Nothing shocks me, except how hedge funds love to short markets that go down, and then get their heads handed to them each time. Happy Halloween!