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Especially endless whining about the strong dollar and how it is killing the translation. That is all i heard today. It was the proximate cause of the downturn in the market. Nasdaq plunging 8. 9 now look i get that the dollar is strong against a number of currencies and that hurt. Believe me if this were not an hermes tie and if this booze were not actually worth drinking i would be pouring the wine of all of these great countries all over this dirty floor, which is usually meant for sipping cheap scotch after a hard day at the office. I mean some of this whining, just consider my whine list its perfect. Microsoft has a bad vintage. Nasty, whining about execution in china, when i hear it about china it better not be about earnings. And the whining, what the heck went wrong in china and japan. You know what . That is your job, microsoft. I dont want a darn crisis about sales in china. Hey, by the way, a lot of whining going on at Proc ....
1. 44 and the nasdaq climb 1. 09 . House of pleasure. Yep its the second day in a row reputation of january, a month that broke real bad. And that seems to be without a february sequel. Better call bull, now seems to be upon us. Okay. Actually the breaking good analogy really works for this market. Things were there were so many things breaking bad in january that are suddenly breaking good in february. You know what, i just got to spell them out. I really do. This is a remarkable transformation. And it is making the difference behind this remarkable twoday rallies. Lets start with the dollar. Do you know that just last week today, we were worried that the euro would remain in freefall and the dollar would stay strong from here until eternity hurting our exports, threatening fragile recovery. In fact, if you go back to last tuesday, the chatter was all about how the dollar was going to move another 10 higher versus the cratering endlessly debased euro. That was the chatter. Maybe it wo ....
Instead of looking at the overseas market for direction i decided no im not doing that. Im considering all the different corporate data points just from the United States and try to estimate what the market would do today based on a domestic vacuum. You know what . You tune it out, well we got just what i figured would happen a positive session where the dow gained 140 points, the s p climbed and the nasdaq 1. 3 . But for all of the wrong reasons. And one of the reasons was not that it was my birthday. Yet in the wee small hours of the morning i looked at the individual retail Sales Numbers right up on all the companies that have reported of rate consider u. S. Interest rate copper, the price of oil stand upgrades and downgrades, all without peering once at the s p futures or stock prices in news out of china, japan, or europe. In other words, i looked at everything in a cone o ....
Treatment. Today was one of those days. At the open the averages soared 1. 5 tonal selloff viciously for the rest of the session. Dow closing down 27 and s p declining. Nasdaq dipping as well. It was a brutal ugly and irrational move. Dow was down 400 from where it opened. First off accept the fact this is a different type of market than we have become used to. The averages higher in general, all the way up to this level. It has been a healthy advance. During that period individual stocks or segments would guyerate and there were days stocks would switch directions rare ones switched directions midsession. But only if Something Big or bad or fabulous happened overseas or in washington. One thing was certain. We would almost never have both ectasay and agony happening without anything serious happen to make a switch from one mood to another. Today we saw some extreme bipo layerity. We begin the twice weekly sessions along with a coc ....
By pretty much all by yours truly. I liked it because it set the barlow for the rest of the year. The vast majority of Companies Reported when the dollar was too strong. Now we have a totally different scenario i see the dollar putting in the top, i see europe Getting Better than equity examined and i see order where others right now are gripped by chaos, the backdrop is changing. Which means we will not be listening to hang dog executives whining about all the head winds out there and i like that. We will hear Domestic Companies that will be in refinance heaven and not only that, washington is off the front pages again. In short, we have a positive backdrop. Approximate the now the unemployment events are in the rear view mirror. Who is important next week . First we get the kind of company that im liking here. ....