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3 Reasons Not to Be Gloomy About the Stock Market

Posted at 3:11 p.m. EDT on Friday, May 15, 2015

This market's struggling between the notion of bargain-hunting in the seemingly broken retailers and restaurants or sticking with the major trend internationals.

It's also befuddled by the banks as rates have fallen so hard off some very weak macro data. The banks need rates to go higher to make more money, so the group's being sold aggressively.

It's also befuddled by the banks as rates have fallen so hard along with the thesis of higher rates, something that seemed to make sense with the weaker industrial production numbers as well as the downbeat consumer confidence survey.

I say cheer up, as long as the dollar stays weak, oil remains calm and interest rates are tame, I can't be gloomy. Plus the fact that the transports are bouncing, something that seemed inconceivable even early this morning, makes me think we are in a more benign environment than many may think.

What's working nicely? I liked the UPS  (UPS) upgrade this morning from Goldman Sachs  (GS). They seem to have gotten the surge pricing right for peak moments -- and the company's European business is getting stronger. It's well behind the group and I think it works.

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