Most painful since the old TARP days, no? I mean just brutal and nasty. I have five stocks on my screen that are green: Boeing ($BA), which I bet will be down tomorrow in keeping with this tape's memory, Norfolk Southern ($NSC), same as Boeing, I bet it goes down tomorrow, Netflix ($NFLX), which I thought got a huge negative overreaction the other day, Amazon ($AMZN), with accelerating growth, and Jones Group ($JNY), which was a staggeringly good quarter, a la VF Corp. ($VFC) and Phillips Van Heusen ($PVH). I haven't had the sea of red like this in a long time.
I love to go back and forth with my friend Doug Kass on days like today, and I felt that he had a good concept, that you had to do some buying because the selling was so indiscriminate. There's one difference, though. I didn't see anything I trusted yet. This terrible pattern of selling off the good ones the day after they rally makes me want to wait until tomorrow to take a harder look at what to buy.
Nothing shocks. Could it rally tomorrow?
We can rally any time. That's a certainty. But not without something positive in Washington. I want to wait until I catch a whiff of one. I didn't smell anything today, except rotten eggs.
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