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September 24, 2013  Tue 8:10 AM CT

GOOG: SEE CHART GET CHAIN FIND STRATEGIES
It's not just complacency. It's an actual bid underneath. This market tried several times to take out the mid-morning low yesterday, and it just couldn't despite some nasty declines in some high-profile anointed stocks. Google, Netflix, and Amazon all got hammered. Meanwhile, the financials couldn't get out of their own way.

And yet the S&P 500 just wouldn't give up the ghost. Is that complacency? Or is that a sense that things are better than we think as long as rates go down? You get rates back to 2.65 percent on the 10-year Treasury, and you seem almost guaranteed to get a rally.

TheStreet.com logoI see lots not to  like in this market. I keep thinking about how the volatility index (the VIX) is so low compared with the other times we have gotten into a Washington showdown. I keep thinking that the earnings of the domestic companies so far just aren't that good. I keep thinking about how overbought we are.

But we are in a tale of two markets. Those that deal with China, Russia, and Europe--such as AGCO, a company I interviewed last night--are doing well while Deere, still a chiefly domestic company, isn't.

Yep, can't call it complacency. Just another day where "the programs" said to buy stocks when interest rates fell, and that contained the losses to levels that weren't severe, and certainly not severe enough for my charitable trust to put any sidelined money to work.

Disclosures:
Cramer's charitable trust has no positions in the stocks mentioned.

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