Taking a Breather

 | May 16, 2013 | 3:58 PM EDT
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At last, we have a breather. A day where we can catch our collective breath and look at merchandise, and pick, not chase. There are so many companies that have roared ahead that when they finally come down, it's almost as if you can hear people say, "at last, a chance."

Of course, will people take it?

I doubt it. If anything, I think that the shorts will come out and bang down stocks hard because they sense that they have a chance to make back some points. The heavily shorted stocks will fall the hardest -- and not because of profit-taking but due to the same old gang tackling.

I think that real sellers, volume sellers, aren't here and volume buyers are much lower, so we are in no man's land. No earnings. No news. So this is just a breather where we extrapolate the good -- Cisco (CSCO) -- and the bad -- Wal-Mart (WMT).

My takeaway: I want this breather. It is an opportunity to assess and pick. But I bet most people -- except the shorts – will do nothing. They are just too scared to buy unless everyone else is.

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