On this day in 1903, the world's first "light heavyweight" Boxing Championship was fought. A guy named Jack Root out-pointed a guy named Kid McCoy. So, naturally, Root entered the history books of America as the first champion. And the other guy McCoy was an asterisk, like who was on deck when Bobby Thomson hit his homerun. (Okay! So you knew it was a young Willie Mays.)
But, while Root became a piece of American history as champion, Kid McCoy became a piece of Americana. He had gained that role before – – many years before. In the late 1800's a young man named Norm Selby began fighting under the name "Kid McCoy". He was so good at his craft that almost no one was able to beat him. He was so successful that imitators began to spring up – -riding into town after town and challenging (for money) the locals to take on "Kid McCoy". Soon there were "Kid McCoys" (er….sorry Sister….."Kids McCoy") all over the Mid-west.
However, years later, when Selby knocked out a highly respected heavyweight named Chonski in the 20th round, a press reporter headlined his story – – "Now you've seen the real McCoy!"
And, America now had a phrase (or a question) that would last a century – – "Is he the real McCoy?"
Markets spent Tuesday morning wondering which market was the “Real McCoy”. Was it the sharp high volume selloff of Monday, or was it the rebound of Tuesday?
The answer may come with today's action.
Excerpted from Cashin's Comments April 22,2009