Market Montage

The action continues to be "weird" today.  That PDP ETF I noted earlier in the day is now down over 0.5%.  Consumer discretionary names – especially those that had been leaders – are being damaged quite seriously today. …

Outside of homebuilders, most of today's strength is focused in broken stocks/sectors – it's a day for energy, metals/mining, financials and the like.  Anyone holding these groups over time has been hurt badly.  Example:

But these are the areas making the market move today.  Meanwhile, a lot of technically strong stocks (in a relative sense as the market has been rough), are doing nothing.  This can be showed in an ETF I like to keep an eye on – Powershares DWA Technical Leaders (PDP).  It is down (!) on the day. …

This month is more and more like April every day – a very random binary action type of market.  Nothing is sustaining in one direction or another.  After the gap down Monday the market held in yesterday and today has filled in the gap created at the beginning of the week.  This is best seen in the chart below, the SPY ETF. …

Infotainment financial channel CNBC continues to see its ratings plummet.  I am sure part of this is just the general disgust towards equities by Joe 6Pack but the "shout at you" format (at least in the U.S. version) has to be contributing as well.  I continue to be amazed some of these "emergency weeks" the difference between CNBC Asia (cordial) v CNBC Europe (intelligent) v CNBC USA (interrupt guests, yell, make every topic center on how the Democrats are destroying the economy).  On the "sunny side up" perhaps some people are going to the internet versus the tv channel – that's what I do.

As for Fast Money – the show misses Dylan Ratigan tremendously, plus in my opinion Eric Bolling who for those who watch Fox News was actually a great chartist in his previous life.  …