PVH goes up that much, and then follows up with another rally today, because so many hedge funds are short it. They figured, how can they lose if the analogs to PVH, the shoe, handbag and outerwear makers, had messed up?

The answer is that the other companies simply didn't execute as well as they should, and when they get the execution right, people will flock right back to their stocks. Plus, it doesn't hurt to get terrific numbers from the likes of Macy's, Kohl's ( KSS) and Nordstrom, as we did today.

The extrapolation of weakness from the weaker reporting apparel and store chains never seems to stop, though, simply because the vast majority of active trigger-pullers just can't get their arms around the idea that the consumer is alive and well, especially not with this slow employment growth. They seemed shocked when something good happens. They are constantly fearing and betting on the worst happening when the smarter wager is to bet on the consumer, not against her.

Ladies and gentleman, gloom is not a strategy. It is a feeling, and the feeling has not been actionable, no matter how many times people try to shoehorn it into their stock thinking. So before you get too negative across the board because of one player's weakness, remember the PVH run. Sometimes the big money is made with optimism, not pessimism, especially when it comes to U.S. retail spending.

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