Well, maybe so.
Was there any news to stimulate this action Tuesday? Hmm, oil down? Yep.
Economic data weak again? Yep, but you may be into that bad-news-is-good nonsense.
Let's see, Empire State Mfg Survey -16.64 vs -10 expected & prior -19.37 isn't good unless you're into, it could've been worse; and, Homebuilders Sentiment falls again to 58 vs 61 expected & prior 61. Not good.
Deutsche Bank (DB) begs for central bank intervention to save its hide. Is that good? Maybe. It depends on your point of view.
The ECB's Draghi has repeated more of his, “we'll do everything line again” to get European markets moving higher again. Is that a good thing? Hollow words?
European markets loved it to start the week. Turkey to invade Syria means it must confront Russia and Iran with the Saudis in the wings. This might not end well.
Oh, but wait, it's that stock buyback deal once again as IBM and Apple (AAPL) launch major debt sale (approximately $16 billion?) to buyback shares. Well, that's the ticket as before! Investment grade bond debt now getting stretched? Yep.
I suppose you should just assert the tape is the tape and not argue with it. That's what a good trader should do, right? Sure, but we've entered a new Orwellian environment so it's hard to make sense of things now.
Grabbing at straws, the official line for the day was “Socks Gain on Rally in Battered Sectors”. This means energy, small caps, biotech, banks, retail and so forth. Sectors declining include everything that had rallied the past two weeks including; Treasury Bonds, precious metals, crude oil and so forth.
Market sectors moving higher included: Most equity sectors.
Market sectors moving lower included: See above.
Below is the heat map from Finviz reflecting those ETF market sectors moving higher (green) and falling (red). Dependent on the day (green) may mean leveraged inverse or leveraged short (red).
