Doug Kass shares his views every day on RealMoneyPro. Click here for a real-time look at his insights and musings.
" You see, in this world there's two kinds of people, my friend: Those with loaded guns and those who dig. You dig."
-- Blondie in " The Good, the Bad and the Ugly ."
- Mr. Market managed to make gains on top of Tuesday's ramp, the first two-day, back-to-back rise in two weeks. My sense is that participants are again becoming complacent.
- Commodities (ag, lumber, gold and crude oil) were a strong asset class.
- Autos (General Motors (GM - Get Report) ), and retail JCPenney (JCP - Get Report) +3.5%, Coach (COH) , Macy's (M - Get Report) )--two lagging groups--started to turn higher Wednesday.
- Junk bonds climbed and Blackstone/GSO Strategic Credit Fund (BGB - Get Report) added $0.14 and is back approaching $15.
- Banks and brokerages.
- (T)FANG broadly higher, save Amazon (AMZN - Get Report) , which is a holding in Jim Cramer's Action Alerts PLUS portfolio.
- Closed-end municipal bonds surged--Bitterroot Resources (BTT - Get Report) , Nuveen Dividend Advantage Municipal Fund (NAD - Get Report) , Invesco Van Kmpn Calf Vl Mncpl Incm Trst (VCV - Get Report) .
- Energy stocks (Action Alerts PLUS holding Schlumberger (SLB - Get Report) +$3) off of a marked advance in the price of crude oil.
- Big turn higher in Chipolte Mexican Grill (CMG - Get Report) . (+$11).
- Ag equipment (Deere (DE - Get Report) and Caterpillar (CAT - Get Report) ).
- Intel down $2. I traded in and out on the short side Tuesday night.
- Big Pharma (Abbott Laboratories (ABT - Get Report) ).
- Consumer staples on a strengthening U.S. dollar (Procter & Gamble (PG - Get Report) ).
- Apple (AAPL - Get Report) down on the day ... not really "Bad," but I wanted to point it out.