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Revert to What's Good

Act as if the U.S. matters again, and use a 2012 playbook for China and Europe.
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Rally from nowhere? Or total mark-up. I think the best way to answer that is a bit of both. We had just worked off the overbought condition of the market, so mark-up buying could work. Far too often, we get into the end of a quarter and the market has already run so much that we don't have a chance for the mark-ups to work, and people sell into them. That did not happen today for certain. In fact, I saw no sellers of any real consequence.

But here's what I did see. No worries at all about China. Remember those last Monday. No concern about Portugal. Remember those? No concern about whether earnings reports are going to be terrible even as we are in crux pre-announcement period if we were going to see any.

So, in the absence of any immediate news, we revert to what's good.

I continue to urge people to rethink what they might do on China or Europe news using a 2012 playbook, not a 2011 one. There's too much good news in this country to let us sink on China or Europe. Sure, the pure China plays like the minerals will struggle. But, the China plays that are proprietary and not commodity just make no sense to be sold at all.

In other words, again, act differently. Act as if the U.S. matters again.

Because it does.