All Fall Down

Part of the mystique equity bulls have enjoyed for a few years now has not just been due to the abrupt, V-shaped rallies from some of the most historically bearish reactions to exogenous events (limit down in the futures to both Brexit and the Trump victories, for example),  but also to the remarkable resilience and seemingly endless rotations within equites when the leaders begin to fall down. 

Over the last year, for example, the likes of CMG DIS NKE SBUX TSLA UA have been anything but inspiring for longs. And, yet, that relative weakness was insufficient evidence for bears to take down the entire market to prevent another run at all-time highs, which we just recently witnessed. 

As it stands now, I am looking for credit card monsters MA and V to now follow the above names into a prolonged period of lagging the tape. But due to the above analysis it behooves us to view some of the premier global brands in a quasi-vacuum, careful not to extrapolate too much to equities as a whole if they should all fall down. 

More on this, and oil, in my recap after the bell.