The Only Choice: Find Something to Buy

 | Apr 10, 2017 | 10:55 AM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:














It is one of those days where the buyers show up because it is obvious that the bears can't do anything. Despite plenty of negative news flow, the market just sits there. If you want to do something, the only choice is to find something to buy.

They are buying names like Tesla (TSLA) and Amazon (AMZN) , small oil stocks and Chinese names like Alibaba (BABA) , Momo (MOMO) and Baozun (BZUN) . Breadth is running very strong, with about 4550 gainers to 1725 decliners, but there are only about 120 stocks making new 12-month highs.

This is the type of action that has been driving the bears crazy for a very long time. There is no shortage of great negative arguments. Just read some of the arguments that Doug Kass makes over on RealMoney Pro. It is obvious that there will be a day of reckoning at some point, but trying to time it is just an exercise in futility.

If you can't beat them, then join them. I'm joining them with some buys in Baozun, Conatus Pharmaceuticals (CNAT) and Teekay (TK) . I'm looking for more, but the problem is that while the overall action is quite positive, it doesn't have a lot of momentum. That is why there are so few new 12-month highs.

The bears will have their chance one of these days, but focus on price action and not arguments.

Columnist Conversations

Stock has been roasted last five trading sessions. Time to rotate into Ford ahead of big CEO long-term plan re...
Equity futures were up slightly just before 9:30 PM Sunday night.
Spent a good amount of time with PayPal CEO Dan Schulman this week...and came away fully understanding why thi...
Has quietly taken a mini beating over the past few weeks. Might be worth a look on Monday given everything tha...



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.