Bull market builds despite skepticism
The naysayers doubt everything that's good about this market, but that's been the case for a year.
As a bull, I am willing to admit that I thought this trio was worth more to the market. But you know what? I like the skepticism. I didn't hear a good word from a bear about Intel (INTC). No conversions. I heard more about derivative legislation and how it would hurt bank profits than about JPMorgan's (JPM) earnings (although I see that Mike Mayo upgraded it, which bothered me). CSX (CSX)? Let's see, that one had some impact, but I think you won't see the real impact until we get UPS (UPS) open today.
This market doesn't want to get carried away with itself. It doesn't want to gallop. It doesn't want to move irresponsibly. It doesn't even seem to extrapolate all that much. The restaurant stocks, for example, have been real good, but I wonder if people will say "Yum! Brands (YUM) is all China, I am not going to buy anything off this." That wouldn't be wrong. YUM is all China. It is just that in an animal-spirited market, you would expect buyers flying in to take everything from Panera (PNRA) to Chipotle (CMG) to Starbucks (SBUX) on this one.
This kind of action, on the usual light volume that screams lack of conviction, defines this market. Same with the rolling nature. Intel and the chipmakers have done nothing lately. The banks are slowly moving up, but nothing nuts. The transports? I was surprised to see that UPS, which really hadn't done anything much of late, wasn't up much after the bell.
Quiet skepticism. Rolling bull markets. Light volume.
Just like the last 4,500 points.
At the time of publication, Cramer was long Intel and UPS.
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