Bear Mountain Bull

It’s time again for a little BMB R&R, especially with the market behaving as bizarrely as it’s been. Maybe if we stop watching it start to behave a little better…

Posting will be very light and variable over the course of this week, but we’ll put up an open thread each market day for our readers to comment on the day’s market activity or to post any interesting links they might run across.

Check the space below for whatever the latest might be during this ‘off’ time, and please visit the various sites in the ‘Links’ and ‘Regular Stops’ for up-to-date market news and analysis.

BMB will be back in full swing by next weekend.

Bottom line from this week’s column from Bill Fleckenstein? The same thing BMB says over and over again: the market is not logical.

I guess that’s a good thing. If the moves in the market were completely logical and orderly, it wouldn’t be much of a market.

In the latest edition of the ChartWatchers newsletter from StockCharts.com:

• John Murphy says oil isn’t dead yet. Ain’t that the truth.
• Richard Rhodes wonders if Friday’s action in the bond market means higher rates in the short term. BMB wondered the same thing in Friday’s market wrap.
• Carl Swenlin tells us that cash flows into the energy sector have been rather light.
• Arthur Hill looks at the state of the equal-weighted S&P 550 index - the RSP.

Items of note on the latest industry moves:

• Airlines have been doing well - that may reverse if oil prices keep rising.
• Only four groups in the red over the last 4 weeks, up from two groups last week. Still not bad!
• REITs and housing stocks continue to roll, as long as interest rates stay down. Someday that will change, but probably not soon.
• Tech stocks holding up well in general, but the hardware stocks took a hit this week.