But it doesn't matter. Markets are about perception, and oil is adding to the perception that things are slowing.
Now layer on still one more barometer of economic slowdown: Treasuries. They are rallying, and that means rates are going down, and there's no way that rates can fall as they are if the economy is strengthening.
Now I am heartened that some of the speculative names are coming up. FuelCell Energy (FCEL) has reversed from a higher price. Same with Ballard Power Systems (BLDP). Plug Power (PLUG) is still up, but it was totally pole-axed this week. Fannie and Freddie are being killed again, although, alas, Tesla (TSLA) is being Tesla.
But we need to see the economic growth story brighten, even if it is at a slow pace, to keep the momentum of this market going -- momentum that seems to have gone lost.
Copper, oil, bonds: They all say the momentum is lost. So even though the froth is becoming, well, less frothy, the worldwide economic backdrop has turned more negative than it was not that long ago.
Amusement Parks Are Serious Business
Posted at 6:12 p.m. EST on Tuesday, March 11, 2014
Sometimes you have these quiet moves in stocks that aren't on anyone's radar screens. They aren't battlegrounds, they aren't sources of contention. They just methodically, year after year, generate excellent returns.
Such is the case with Cedar Fair (FUN - Get Report) and Six Flags (SIX - Get Report), two amusement park operators that exemplify one of my favorite themes in my new book Get Rich Carefully, what I call "the new frugality." The scars of the Great Recession run deep -- deeper, I believe, than many of us want to admit -- and people now seek bargains that are similar to what our parents or grandparents or even great-grandparents sought after the Great Depression.
The idea of amusement park stocks as big winners seems a little fanciful. They are unimportant equities to most. They are not Tesla Motors (TSLA), not Netflix (NFLX), major tugs-of-war with brilliant people on both sides of the stock. They don't make fuel cells like Ballard Power (BLDP) or Plug Power (PLUG). You won't find any 3D printers among this group. No hedge fund manager is going to get short them and then start a campaign against them to drive them down and profit from the destruction they may have wrought.
These companies simply manage properties that are relatively inexpensive destinations where you can have a real good time, perfect for newly frugal people who don't feel like going in hock over a vacation, after what they went through not that long ago.