Can you imagine what can happen if any other group joined the oil/ag/infra/mineral party? You know what you would get? A day like today.
Today's the kind of day bulls dream of. No zero-sum. Citigroup's
(C)
going to make it! The worst is behind Wachovia
(WB)
. CIT
(CIT)
? It can survive. Goldman
(GS)
? Bottomed.
Or tech: Google
(GOOG)
? Everyone and his brother, including me, felt the net had had a big downtick. GOOG seemed the easiest short in the world? How could that go wrong?
Or Caterpillar
(CAT)
? Which had always been straddling homebuilding with worldwide growth, which is slowing?
Yet the business is great.
When you combine all of those you start wondering. Well, the macro's awful -- Philly Fed, inflation kind of stuff -- but if GOOG and C and CAT are doing better than expected, then you can just be darned sure that the bottom was put in on that Bear Stearns
(BSC)
day and the weak dollar is saving a lot of enterprises.
As someone who just came back from Europe, I am acutely aware that you simply can't afford anything they make, and they can afford everything we make. I can't believe anyone would buy anything that is the European equivalent of a CAT or a Honeywell
(HON)
product.
They would be just plain stupid.
Meanwhile, the ag and oil bears, still hoping it is "all speculation" are just getting killed. They should have covered before the corn, wheat, soy and now rice shortages. But like the oil bears, they continue to believe that somehow the demand side has to weaken.
It doesn't.
Is the rally for real?
Sure feels better than the last few. And the better earnings are yet to come.
We have a market that was immunized by GE
(GE)
going into this week.
The immunization is taking hold.
The place is rocking.
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