Dan Greenhaus: This Is No Longer The 'NBA' Market, It's Now The 'MTA' Market

In his note last night, BTIG's Dan Greenhaus reflects on yesterday's rally, and the overall state of the gains.

As for equities, it was obviously a good day. While the S&P 500 was up just 0.50%, the index traded higher nearly all day. While several companies that reported were down hard (BMC, STX, F), several others were up double digits (VLO, DHI). And for all the focus on AAPL’s effect on the broader market, the fact is that since topping out in mid September, AAPL is down 35% but the S&P 500 is up 3.2%. Of course, BRK is up 9.3%, JNJ is up 8.5% and PFE is up nearly 15%. So rather than the NBA (nothing but AAPL) market, this is more like the MTA (more than AAPL) market.