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Why Is Market So 'Tired' With Good News?

Market looking tired? Look at all the positive news we have had today:

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1) Tentative Greek deal 2) Good jobless claims 3) Apple up 4 percent 4) Mortgage bank settlement 5) Bank of England continues to pump money into their economy.

And the market is ... doing nothing. Dow up 10.

But wait. We have been up 10 points every day ... all year. All right, not every day, but it's pretty much straight up since January 1:

Major sectors year to date:

S&P 500 up 7.5 percent.

NASDAQ 100 up 12.5 percent.

Russell 2000 up 11.5 percent.

See? We've been having a rally.

And while I'm on the subject: yes, Apple completely dominates the tech space. Yes, it is up 22 percent this year. Yes, it is 15 percent of the market weighting of the NASDAQ 100 and is dragging all tech indexes up with it.

But the Russell 2000 is a small cap index--that is up 11 percent, and it's not Apple. My point: don't just wave your hand and say (like some have said to me), "It's all Apple Bob, there's nothing else happening."

Elsewhere: what's up with home builders today? There's a couple things going on: 1) the mortgage settlement greatly increases the chance that bank lenders will be a little more, uh, interested in the mortgage lending business, and 2) the weather was really warm in January, and many believe because starts are "seasonally adjusted" the housing numbers will be better.

Here is a WARNING from one of the best traders in home building stocks that I know: "the underlying fundamentals better show HUGE improvement into the all-important spring selling season or this trade will reverse in a big way."

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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