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Hopin' For An Open


Street looks for strong start after yesterday's upswing.

Minyanville is excited to welcome Charles Payne as the newest Minyanville professor. Charles V. Payne is the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI), which he founded in 1991. He is a regular contributor to the Fox Business and Fox News Networks. Please join us in welcoming Charles!

Well, the old cliché "sell in May and go away" didn't apply yesterday and the truth is it's been pretty poor investment advice for a long time now. Come to think of it, a lot of Wall Street truism and axioms don't really work or matter anymore. Of course with the stock market a lot of common sense doesn't work or matter either.

Take for instance the notion that crude oil could soar and stocks would go along for the ride. On the surface this seems preposterous - even ludicrous - but that's exactly what has been happening for a long time. It's not just that gasoline prices and the stock market have mirrored each other since crude oil began this improbable run back in 2003 but they also traded in tandem in the early part of this millennium when both drifted lower. I'm not rooting for gasoline prices to go higher but I would take that over gasoline prices plummeting.

By the way, the dollar may rebound a bit but the crude oil game isn't over by a long shot as crude was able to bounce convincingly off $110.00 and close at $112.0 yesterday.


We can never know about the days to come
But we think about them anyway
And I wonder if I'm really with you now
Or just chasing after some finer day.

Anticipation, Anticipation
Is making me late
Is keeping me waiting
-Carly Simon

Maybe investors are just romantics at heart, foolishly giving into their basic need to love and be loved by the market and willing to give the benefit of the doubt. Without a doubt it's the sort of anticipation we see over and over again that makes it plausible that investors are not only forgiving of their own mistakes but also of dashed hopes.

Yesterday the market gained traction throughout the session in part to better than expected economic data but mostly because of anticipation that this morning could see a positive surprise. In this case a positive surprise would still be rough tidings for the economy as job losses would have stretched for four months running. Still, investors ran the market higher yesterday and they expect to be rewarded. Volume was light but that suggests even would-be sellers were willing to give some benefit of the doubt.

Maybe investors are just so vain they think the song is about them.
No positions in stocks mentioned.
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