Today's a tough one because gold is up and copper's rallying, but the CurrencyShares Euro Trust (FXE) has given up its gains and oil can't find its footing. This is a split set of indicators, so we are getting a split stock market.
What's intriguing to me is the strength in some high-fliers and not others. Panera (PNRA) and Chipotle (CMG) are strong. But Ralph Lauren (RL) and V.F. Corp. (VFC) are weak. Deckers (DECK) is snapping back. Lululemon (LULU) is selling off.
Meanwhile, the transports are rallying hard but the industrials are selling off. Caterpillar (CAT), Alcoa (AA), 3M (MMM) and United Technologies (UTX) have been trading very much in sync with oil and copper. But not today. The banks? They don't seem to want to come down.
I don't trust anything on my screen. No one has an ounce of confidence or conviction. I reiterate that if you own high-fliers, use the meager strength to trim.
The only thing I actually trust is yield, especially with this 10-year bond -- the price is going up so much that the yield is microscopic. It's the only safe game in town.