The Good Stuff's Not Down Enough

 | Apr 04, 2014 | 3:00 PM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:






It looked like the Nasdaq could be cordoned going into the weekend, but that didn't work and the selling is now spilling over in fear.

We are overbought throughout the market, so I understand why we are on uncertain footing over on the listed side.

And while the selling is overdone, my hope that the margin pressure would die down after the appointed hour when money must be sent in didn't occur.

The most daunting thing about today is the good stuff is still not that down.

The S&P names are still hanging in too well and they don't make sense yet vs. picking at blown-out Nasdaq names that have gotten cheap already.

Take Hewlett-Packard (HPQ), a red-hot stock that's been slowly grinding higher. It's barely down and is no bargain. Take IBM (IBM), which we have been buying for the trust. You would expect it to be down $4 on a day like this.

What about Caterpillar (CAT)? You mean to tell me this $100 stock can't even muster a full-point decline on a down-165 Dow day?

So, there's nothing to do yet in the listed names shy of betting on a SOXX bounce.

Otherwise, if you picked earlier, as we did for Action Alerts PLUS, you now have to wait until a whole other level to make a difference. We aren't there yet.

Columnist Conversations

I have a special guest joining me today, legendary technician Marc Chaikin comes aboard tonight, talking about...
View Chart »  View in New Window » To fail or not to fail is the question.  The video I d...
I've been suspect of CSCO since early this month and am still convinced a pullback is on the way. The stock h...
I forgot to list my short positions in RH puts in my disclosure on retail shares. Paul



News Breaks

Powered by


Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.