An Unenthusiastic Rally

 | Jul 17, 2013 | 6:52 PM EDT
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No one believes in anything. Everyone's too clever by half. That's how I felt after today's Delivering Alpha conference and tonight's "Mad Money." Whether it's the Lightning Round caller who, for the nth time, explained to me why Amazon (AMZN) should be dramatically lower or the so-called bulls who spoke today -- although I didn't really hear anyone be wildly bullish on actual stocks -- I just felt it was still one more day at the overvalued factory where everyone punches in with the same duty: to defrock the bull.

Honestly, you never hear anyone ever endorse the stocks that have done phenomenally. You never hear anyone -- save perhaps Carl Icahn -- say that something is really cheap and should be bought.

The closest you heard was from Nelson Peltz, who did say that PepsiCo (PEP) is cheap if it does what he wants. Frankly, that was refreshing. And while I started my show tonight with John Paulson's bullish call on housing, it was, in the end, a bullish call on owning houses, not on owning stocks.

I just figured there would be some growth manager who would simply say, "Look, I think Biogen Idec (BIIB), (PCLN), Celgene (CELG), Regeneron (REGN), Netflix (NFLX), Google (GOOG) and Amazon are terrific," or at least some of them. Or how about someone saying, "The banks are all cheap and you have to buy them." Or how about, "This is the beginning of the big aerospace cycle," or "I think EOG Resources (EOG) is worth $200 and Anadarko (APC) $150," etc.

In other words, some outright bulls.

But maybe that's what's underpinning this whole move: the skepticism about stocks. The skepticism about individual stocks. The skepticism about the market. It just simply isn't liked by anyone I heard today.

Sure, it's understandable, given the run we have had. I am not chiding anyone in that room. I am saying, though, "Didn't someone own these stocks and championed them and still owns them?" Can't anyone find anything good to say about the winners?

Again, the most bullish guy, the guy who made the most sense to me, was Nelson Peltz, who bought PepsiCo and Mondelez International (MDLZ) well and still believes in them here. I wonder whether anyone really believes in anything they own other than Peltz. No enthusiasm for stocks. Again, lots of cerebral thinking. Lots of good ideas. But no enthusiasm.

Which is probably why the market's not done going higher. 

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