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Sell in part because were worried that theyll report not so hot earnings that includes early this morning when the market got severely oversold before rebounding the no one wants to own a stock unless it can report whats known as a bte, a bte meaning a better than expected quarter the tyranny of bte has cast a pall over this market. But now the earnings season has actually arrived with pepsico kicking things off, many stocks are down big from their highs, and im starting to think that theyve fallen so far that bte is the wrong concern [ buzzer ] instead, we should be looking for quarters that are not as bad as feared, or nabf, nabf yesterday wall street was concerned that pepsico would fail to deliver and the stock went down in anticipation of that bad number. If there is any degradation at fritolay, any market share lost to cocacola you have to believe that this thing would get clubbed like a baby seal but as it turns out, pepsicos results were not as bad as feared it was a nabf quart ....
Or everything is falling apart. The house of pain the value, of course, is somewhere in the middle. Today we took a step in the right direction. The market was, yes, mixed dow only gaining 100 points, s p add 2. 5 , nasdaq declining. 9 some stocks went up, others went down rather than the whole market marching in unison out the window however, most of the stocks that rallied were what i call slow down stocks, the ones that do well in recession. The foods, drugs, turbo charge, secular growth stories that can transcend the growth cycle which are very few thats a start but its hard to outrun the bond bears, arent they arent they hard people who look at plummeting treasury yields and decide eat economy is obviously headed off a cliff. Oh, they blame the trade war with china or the fed reserves unwillingness to signal theyll take action to prevent as serious slow down. Who can blame them i lost assurance from fed chief j. Powell that hes willing to do something about it, that he wants to bu ....
Ow man l little richc, itits now 16 6 yes sincnce you hadd your f first hits. Oh, yes. Do youou realize t th well, you must r realize that at Yoyour Performrmances now there e are peoplele who wet even a alive when n you first t . Yes,s, but i i have woke e them up n. Everybybody that w wasnt alive whenen i starteded and was g , i Hahave Broughtht The Spiririt and d put it on n them. Werere you alwayays so . No, im m not. A lot ofof people say im m shy, bubut i let itit all hang g , everery bit. The lolove, ththe gentleneness, the tetenderness, the kindndness, yoyou aint susupposed toto hide themem. You got t it. God gagave it. Shshow it to t the world. Announuncer ladieies and gentn, if you wilill, a man whoos become a a leged in his ownwn time, Little Ricichard [ cheersrs and applalause ] gooood ....
And im not as crazy about it as id like to be. Its a major reason why the dow still continues to elude 20,000 again. The average ended up dipping 76 points. S p declined 0. 35 even as the nasdaq advanced to a new alltime high, up 0. 19 . Exhibit a in the Great Expectations game, the banks. The bank stocks have been the leader of this rally. The banks are practically the be all and end all of this rally, led by Goldman Sachs and jpmorgan. Theyve got a phrase on aircraft carriers when navy pie lots are about to land. They say coming in hot. These two are the essence of coming in hot, maybe too hot. Bank of america is in the same boat. Its fallen from 17 to 22 since the election. Only wells fargo has lagged. Surely its jumped nearly ten bucks when trump scored his upset victory. The issue with these stocks, so violate of the next leg of the rally is they need interests rates ....
Enough, dow dipping 22 points, s p rising 0. 04 , nasdaq advancing 0. 24 , lets face some facts here. We are fraught with expectations that may or may not pan out on the side of the bulls this week. First lets just deal with what i call the setup. For weeks now weve seen group after group move up. You know that. The health cares, the barnks, te insurers, the Home Builders, the industrials, the techies, so much others. Look, it has been quite a bull market. But last week, last week stalled out, and there are myriad stocks that look like theyre topping or cant get much further without some sort of good news happening, which is certainly possible. But worse, i see contradictions. I see historic moves that are based on false preconceptions 0er an atmosphere that maybe lets call it a tad too bullish for my taste. Lets start with my biggest worry, the feds meeting on wednesday. Now, last week i said bring them on. Bring on the rate hikes ....