Different Day, Same......

Decent earnings and an exciting merger don't seem to be enough to help equities. Bob Pisani, who "talks to traders all day long" seemed very depressed on CNBC Europe a few minutes ago.

There clearly is a problem with demand for stocks. How long it lasts is the question that becomes most important. Some think the Iraqi election going well this weekend will help the market get back on track. The other night Mandy, on CNBC Asia, asked me about this. My take on is it will only matter if something really bad happens. While I don't think a peaceful election will help, I'd love to be wrong about this.

Lower beta names seem to be holding up better than the rest of the market. I have a couple of holdings, personally and for clients, that are up on positive earnings news too (clearly luck is involved with that).

A while ago I wrote an article where I outlined my extremely conservative personal portfolio. The logic is that I hope to be less emotionally wrapped up in an ugly market. I do my job better when emotion is not involved. This month that approach has worked like a charm. I have not made any changes in client accounts. I made a lot of changes last fall. I don't think anything is really different. My outlook for stocks, interest rates, the dollar and so on are still the same. When something that I think matters does change I will take the action I hope will be correct.

Here's hoping stocks get back on track soon.