Questionable Leaders

 | May 09, 2013 | 3:30 PM EDT  | Comments
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Crummy leadership at work! That's what happens when your leaders are the short-squeeze names. You need tried and true, or you just get too hot.

Think about it. Today is not just Tesla Motors (TSLA) and Green Mountain Coffee Roasters (GMCR) day; it's also Netflix (NFLX), Amazon (AMZN) and lululemon athletics (LULU) day. And those are mostly short-squeeze names.

The leadership away from the squeeze names is no other than Emerson Electric (EMR) and 3M (MMM), two stocks that disappointed that are now trading above where they disappointed.

That's not the kind of terra firma that the bulls need to take the market higher. I have been saying that we need to cool off here. We don't want a market that's going to go parabolic. This may just be a pause that refreshes, but it is going to have to refresh with a lot different leadership if the endless rally is going to continue.

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