NEW YORK (Real Money) -- Sometimes you want to ask, where were Tuesday's sellers? What were they thinking? Why don't they come out and sell now?
Until you realize that the sellers were simply of the hit-and-run variety, blasting out of the S&P 500 futures because the dollar was too strong, commodities too weak, the euro on Greece-related death throes and the Fed too vocal about a shake-and-bake tightening.
On Wednesday the dollar was weaker, commodities did nothing, Greek negotiations had no rancor -- causing Europe to rally hard -- and no one spoke from the Fed.
So, there were the howitzers that didn't fire on the S&P and buyers came out of the bunker to pick up the bargains that the moronic selling created among stocks. Once again, the S&P futures gave you the wrong signal Tuesday because the sellers were strictly violating the Sonny Corleone dictum -- they went to college to get stupid and boy, are they stupid.
It's funny: If the market were really rational on any given day, as opposed to just a pulverized battlefield that alternately draws a truce to clear the wounded, Wednesday was a day we should have been down.
Just to prove that I am an ecumenical guy who is willing to see the other side of the trade at all times, let me give you some reasons why the market should have been down.
First, we got an earnings report from Workday (WDAY), a terrific company with a very expensive stock, that was just flat-out disappointing. Workday, which is the loftiest-valued stock I follow in the information technology sector, gave an outlook that showed a pretty definite slowdown when what we expected was an acceleration.