Bring It on Home

 | Apr 25, 2013 | 1:20 PM EDT  | Comments
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They came right back. They went to the consumer-packaged goods stocks because Colgate-Palmolive (CL) delivered and it only looks choppy at Procter & Gamble (PG). They came back to the drug stocks, like Merck (MRK) because they want the yield. They came back to biotech because they want the growth.

Nothing's changed -- except they didn't abandon the materials stocks to do so. They rediscovered the growth oils, like Occidental (OXY), EOG Resources (EOG) and Noble Energy (NBL). They realized that Vale (VALE) is doing just fine, thank you, and Cliffs Natural (CLF) is not going under.

Meanwhile, the cheaper techs, Microsoft (MSFT), Lam Research (LRCX) and Western Digital (WDC), continue to exact revenge on the high multiples like Qualcomm (QCOM), where there was no room for disappointment whatsoever.

And they even like the financials. The cheapest? JPMorgan Chase (JPM) is still a buy, and Radian (RDN) is the best spec in the book.

Look, when Europe's tame -- courtesy the lack of yield and the higher risk of bonds -- and when China's out of the news, they come back to our stocks.

They go up until the next crisis. You aren't in? I am sure the foreign markets will give us a chance soon.

Oh, and by the way, did you notice how defanged Washington is these days? That gridlock is working wonders for our market. Just plain thrilling.

Columnist Conversations

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