Time to Exchange

 | Aug 28, 2013 | 11:53 AM EDT  | Comments
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Stock quotes in this article:

joy

Why buy?

I think people are buying because they are beginning to believe that Syria will be a coordinated effort and will be more of a statement than a slaughter.

In that environment, it makes sense to pick. Once the picking begins, it brings others from the sidelines and you get a little rally, not a big one, but a little one.

Now, I think that this market's befuddled. Rates are going the wrong way at the same time that pending home sales are terrible. We have no earnings to speak of except for Joy (JOY), which would be down big if the company didn't say that it would basically buy every share available starting tomorrow. Still, the statement was incredibly downbeat about China. So there's nothing there to hang your hat on.

Plus, CNBC is saying that taper's on the way.

Those are all bad.

So, Syria is just one obstacle that has to be solved.

I think you reconfigure here. You get out of what you are worried about from yesterday at a better price and you go for some of the staples and some of the stocks that have come down really hard that reflect more of the bad than the ones you are selling.

Exchange day, nothing more.

Columnist Conversations

Just some resistance to be aware of. Not saying it will cap the market, just that it is there for a decision....
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Kass:
On the weaker than expected #s. From $143 to $106.

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