I wonder what this market would be like if Europe wasn't soft pretty much every day now.
For several months, we have seen European weakness, which I think is based on the weak dollar and the prospect of further weakness, as it is ridiculous for the European Central Bank to keep rates as low as they are. I hate the algos because they exaggerate everything, but this time I actually welcome them and the moron pajama traders who take down our stocks to their levels based on, who knows, GE (GE) ? Maybe tax reform? (GE is part of TheStreet's Action Alerts PLUS portfolio.)
We have seen so many patterns laid to waste in the last few years, like how oil trades vs. the dollar or how the utilities trade when the economy is roaring or how the housing stocks do in an era where the Fed is raising rates.
I think it is time this ridiculous linkage ends. Until it does, though, the opportunities seem to be legion and it is a trader's paradise.