There will be shortfalls. There will be disappointments. There will be woe-is-me's about companies that can't meet numbers because of China or autos or whatever's ailing the economy.
But today we can bask in the thought that there's a ton of lending going on, that managed care companies can make a pile of money, and that drug companies can lift estimates even if they are under siege from the plaintiffs' bar.
On days like today you realize how much of this market has been mauled by the bear. Take the banks. They are selling at historically low PE's so if they surprise higher they can romp and if they miss like Goldman Sachs (GS) they get swept up by ETFs that were never meant to be so powerful.
It never ceases to amaze me about how negative everyone's become because of tariff talk or fears of Elizabeth Warren. But today she unleashed a powerful salvo against Mark Zuckerberg for running copy that isn't fact-checked. Did anyone think that if it is in Facebook (FB) it's been vetted? In an era where people don't trust the Old Gray Lady of the New York Times how is it possible to police Facebook? Why not just sticker it as "believe at your own risk?" I think that a natural stipulation should be "caveat emptor" and then the public is protected. Someone must agree with me or the stock wouldn't soaring five bucks.
Sometimes you just need to hear "don't worry about it." That's what I heard from Johnson & Johnson (JNJ) today when they told us the legal travails are NOT unfathomable. It's about time. That stock is so low versus where it should be that you can say it entered a bear market the day that Reuters did the expose on JNJ and talc. Normally you would have expected it to recover.
Not in this market.
And then there's the oddest of all. We were so worried about the shortfall in Micron (MU) not that long ago. I posited that CEO Sanjay Mehrotra would be in there buying stock at $41-$43 putting a floor on the stock. Given that Micron is the leader of the group, if it could bottom others could explode higher.
And that's exactly what happened. No way Nvidia's (NVDA) stock could be lifting like this without a bottom in Micron. I say that because the research that's driving the stock - natural language-great data center numbers - have been behind my endless flogging of the stock.