Investors Stand Pat, Despite Bad News

Bad news just simply doesn't bring out big sellers. Look, we got real bad news this morning, the beginning of what I fear will be a confirmation that September simply wasn't a hot month for this economy. We aren't creating jobs. We aren't advancing the ball. Our president is stuck on a health care jihad and seems to care about nothing else.

But investors are afraid of losing their stock. They don't want to sell now. They can't afford to sell now. They need the exposure. They need to have as little cash as possible. If you sell on this purchasing managers' news, you end up with too much cash for the end of the quarter.

This kind of behavior by the longs is unusual. They can't be scared. They are digging in right in the face of negative news.

You have to wonder what happens when they get positive news!

I think that this market is in the grips of classic conundrum. The owners aren't willing to be sellers. The non-owners feel they have to come in and use any break to get in. That break, caused by real data, real bad data, didn't matter. It was a dip that mattered, regardless of the cause.

Random musings: Huntington Bancshares (HBAN - commentary - Trade Now) is still on the move. This is the one. Two financings behind it, good numbers ahead of it.

At the time of publication, Cramer had no positions in stocks mentioned.

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