Tech's Blues Set the Tone

 | Apr 17, 2013 | 11:41 AM EDT
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Stock quotes in this article:

crus

,

brcm

,

qcom

,

lrcx

,

AMAT

Today we are Europe. We are them. They aren't selling cars. They aren't starting homes. They aren't buying anything. They can't pay their bills.

Of course, we are none of them. But today we trade as if we are, because we lack a Johnson & Johnson (JNJ) or a Coca-Cola (KO), two big Dow stocks, to hang our hats on, and instead are taking our cue from Intel (INTC), which spent too much money to get, well, who knows, Bank of America (BAC), which lots of people were whispering would have an upside surprise, and of course Apple (AAPL), which is a total pitiful helpful giant.

Look, it all makes sense. Cirrus Logic (CRUS) is saying it has too much inventory, and that means Apple, its big customer, must have too much inventory. Intel doesn't have a place to put all of its inventory if PCs keep slowing. That means be careful on everything from Broadcom (BRCM) and Qualcomm (QCOM) to Lam Research (LRCX) and Applied Materials (AMAT).

You are only as good as your last bank stock, and when the last one is Bank of America, then you aren't any good at all.

I don't want to be too glib, but understand that when things settle down, we will see another wave of FDA, meaning the Food Drug Allocation.

Why?

Yield.

Raw costs coming down.

Balance sheets.

Stability.

Growth.

That's what people want. That's what people will look for.

That's what they will buy. Maybe not yet. But they will buy...

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