And nobody cared. In fact, there was a brief moment when we went higher! I thought the market was jesting. I could have argued that the tax talk should have been able to at least bring out some sellers. Nope, just all net.
Usually the banks specifically and the financials in general act extremely poorly when the president talks, but as my friend and co-writer Matt Horween has pointed out, JP Morgan is breaking out, and that's as good a bellwether as it gets.
Days like yesterday, when we almost erased Monday's losses, are frightening to many who had decided that this move had run its course when we hit Dow 14,000.That kind of thinking is so silly. The program selling we hit at these levels is legion.
We hit. We retreat. We come back. Especially when you have the extraordinary earnings we seem to see every day. And perhaps more important, my two "stocks to watch," Banco Santander and Yum Brands, are telling you that things are just fine. Santander has come right back.
Stephanie Link and I have been saying that you have to be patient with Yum Brands, and I know the numbers still have to come down across the Street.
But the action is telling. When things are as horrible as they really are right now at Yum and this is all you get hit--meaning you can get out here, not meaning it won't get hit tomorrow--that's a sign of a much more benign market that we thought we had on our hands at the beginning of the week.
Disclosure: Cramer's charitable trust is long YUM.
