The Troika Rides Again

Did we get lucky? Brad "the Axe" Hintz at Sanford C. Bernstein says he likes Goldman Sachs (GS - commentary - Trade Now) up here citing the strength in fixed income. Apple's (AAPL - commentary - Trade Now) target price was increased by Oppenheimer (OPY - commentary - Trade Now). Intel (INTC - commentary - Trade Now) buys Wind River (WIND - commentary - Trade Now). To top it off, oil is up.

Boom -- the troika is back in action: banks, oil and tech!

You do have to be amazed at how banks and tech refuse to stay down. They are like manic dogs that have energy to rally no matter what until they are beaten with a rolled-up newspaper. Then they are right back at 'em a couple of days later.

Of course, we lost retail for the day with some nasty same-store numbers as the group has ramped so much that we can't trust 'em and the market's not trusting them. I am shocked that Costco (COST - commentary - Trade Now) could be so awful and that Macy's (M - commentary - Trade Now) and Gap (GPS - commentary - Trade Now) just slipped back into the old ways.

What a tough, tough group this is: It goes up gigantically during the "off season" and then gets annihilated when the regular season begins. Sure, there's resiliency but not today.

Drugs had their one day in the sun; two days would be too much to ask from that hapless group.

Still, when I see the troika going up I know any fall will be cushioned -- people will revert to these three groups and their ancillary plays such as the oil group and a snapback in copper gives hope to the reflation trade.

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