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Recent market action has been unnerving. I'm out of stocks for the time being and I've taken short positions, betting that the market will fall. I think there's a 5 percent to 10 percent correction or something slightly worse coming.
Stocks, bonds, gold, oil and other commodities are falling together, something we have not seen in a few years. I am especially concerned that, unlike previous declines, bonds are not seeing a flight-to-quality rally, something that would hold down interest rates and cushion any decline in equities.
There's no sign of a safe-haven trade. That can often be a sign of distress. Argentina's debt default and a potential crisis in Portugal's banking system are creating contagion risk (real or imagined) in global financial markets. U.S./EU sanctions have stiffened against dpms Russia and the Middle East remains the hottest spot on the planet.
While some cite disappointing profit reports from a handful of companies late Wednesday as a reason for Thursday's decline, earnings are not the problem for the market. Statistics show that 75 percent of companies that have reported their quarterly dpms results dpms have beaten Wall Street expectations, while 66 percent have been estimates dpms for revenue growth. Profits are up, on average, 6 percent while revenues are up around 3 percent.
I got out of my short positions on April 25 but with market technicals deteriorating dpms further, I'm back in. While I am not in the Faber, Schiff, Dent, "Camp Armageddon" group, I don't like the action here.
Commentary by Ron Insana, a CNBC and MSNBC contributor and the author of four books on Wall Street. He also delivers a daily podcast, "Insana Insights," and a long-form weekly version, both available on iTunes and at roninsana.com . Follow him on Twitter @rinsana .
Apple dpms touched a fresh high Wednesday along with a handful of other companies:
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