NEW YORK (Real Money) -- Yesterday should have been Friday. Friday shouldn't have occurred.
Isn't that how Monday's session seemed to play out? Everything opens up in a nice continuation of the "something for everybody" rally that we had Friday. Yelp (YELP) soars on Yahoo! (YHOO). Boeing (BA) rallies on plane orders. The oils catch a bid, with folks betting on higher prices now that crude is north of $100 per barrel. Retailers muddle higher. Only General Motors (GM) and Boardwalk Pipeline (BWP) stand out as negatives -- and, even then, only the latter had any real "news" attached to it.
But, by the end of the day, the only big stocks left standing were the ones that do best in recession. That's something the Friday jobs number might have been trying to signal, but no one was listening.
Yesterday was a day that any bull has to fear. Yesterday has to have been the aberration, because if this market is going to be led by none other than Bristol-Myers (BMY), then you are going to have to start buying expensive stocks with decent dividends again. You'd have to bet that yield the 10-year U.S. Treasury bond is going to 2.4% and we have seen the top in both the consumer-spend and housing cycles.
If yesterday's action plays out, then the banks are sells because of a net-interest-margin compression and a lack of home and auto growth. You are going to have to short all but the highest-end growth techs, and even then you could stumble into a name like Google (GOOG), meaning a stock that has previously been a darling when profit-takers have suddenly surfaced. People stuck with Priceline (PCLN) Monday -- don't ask me why, it made no real sense to me.