Dueling Gurus

 | May 16, 2014 | 2:56 PM EDT
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We know from earlier this week that David Tepper, the amazing hedge fund manager, has gotten a little nervous and is more about preserving capital than trying to make more on it.

His cautious comments and the weirdo bond market were behind the not-so-hot-for-the-bulls action these last couple of days. Makes sense; we've seen him be bullish when others were bearish, and he made a ton of money betting against the bears. Now it sounds like the opposite is happening, although we can't be sure, because everyone is entitled to change his mind.

Then today on Scott Wapner's "Fast Money Halftime Report," we heard from Laszlo Birinyi, a mild-mannered manager whom I have listened to since the mid-1980s and who has almost never steered me wrong. He said he maintains his bullishness, and that a lot of what people are freaking out about, such as the collapse of many of the tech companies, doesn't bother him, given how they represent such a small part of the market. This has been my view for some time, that Workday (WDAY) and Epizyme (EPZM) and Splunk (SPLK) should not be determining your worldview. He says we will power forward through the noise and go higher.

Me, I am mixed. I want to burn off some days here with some back-and-fill, where only companies that have real earnings growth get taken higher, including the ones that report next week. I just don't see anything huge on the horizon from stocks, although I do expect that the Ukraine elections in a week could spur "escalating tensions" and give you a better chance to buy.

We've been picking today for the Action Alerts PLUS portfolio, which we have to do, because we had taken a lot off higher. You don't know when things are going to turn, but you do know your companies, and if they are taken down ahead of good catalysts like quarterly reports, you are getting a price break that Tepper that Birinyi would most likely endorse.



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