Dislike Being on the Negative Bandwagon

 | Jun 24, 2013 | 10:45 AM EDT  | Comments
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I don't like being this negative when the world is this negative. I don't like the fact that everything is being hit.

I recognize the unseen enemy that is the bond market. I know that there are stresses in the system: hidden China plays, companies that get hit on mortgage rates, stocks that have held up because of bond market equivalence that fail if the 10-year goes to 3% as many are now anticipating. 

Still there are some bargains. They are just few and far between if the 10-year gallops to 3%. There are regional banks, retro tech, some industrials that are TOO hammered.

But there are far more stocks that have to get where they are going, according to the charts, and then overshoot as is their lot, so picking might be worth it when the Dow gets to 14,400. Again, being this negative when everyone is negative isn't so smart. But you have to have stocks to buy and I just don't have that many yet where I feel this buy would be the last buy, except those that do well off the float like the HMOs (United Health (UNH), Aetna (AET), WellPoint (WLP)) the brokers (Schwab (SCHW), ETrade (ETFC)) and the regional banks, all of which do well off the float.

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