Taking a step back...
So, today the market takes back that which it gave yesterday. 101 points up on the DOW, 102 points down on the DOW. The media called 16 points a retreat, wilting, etc. Today, 102 point down day is a "step back". Got to love these guys.
Stress tests turn out about as expected given all of the "leaks" about them over the past two weeks, but what happens? The banks continue their climb into the close and accelerate when the results come out. I guess the market mentality is that the information received was not as bleak as was expected. Of note, the one bank I figured would walk away clean thanks to the endorsement of Warren Buffet, managed to come away with a need for more capital. Further, Wells Fargo was down at the bell and continued down after the news came out. So much for Warren's charm.
I must have fallen into a worm hole and fallen out in a universe where everybody loves the news, good, bad or indifferent and anything remotely positive in any sector is grounds for completely bucking the trend. Or perhaps I just don't get it. So much for my little experiment with SKF and FAZ. Neither one of them exactly took off when the news about the tests broke. I wonder how long I can sit on them until the financials decide to tank and make these ETFs produce for me?
Perhaps tomorrow's unemployment, oops, employment numbers will create some havoc. At the very least we can see if the numbers validate what we have been seeing around CAPs with major emphasis for the past couple of weeks from in the blogs of those who tout the U6 numbers.