Dust Off and Get Back Up

 | Aug 28, 2014 | 1:17 PM EDT
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Ukraine can knock us down, but one thing is certain: Disinflation can help bring us back to life.

I am watching the high-growth stocks putting in bottoms while the mineral stocks are trashed beyond reason. Both tech and the banks are outperforming, too.

It's almost as if there is now a group of buyers who simply don't care about Ukraine and the slowing of Europe, they are just happy to see the money pour in here. Another group seems to be recognizing that war, as horrible as it is, has often been good for stocks (thanks, again, the perpetual idea generator and co-writer Matt Horween for reminding me of that as we always try not to get too negative in the face of a slowing Europe.)

And as rates go lower, the search for yield continues with some of the better yields actually being in tech. Witness, for example, the widely reviled Cisco (CSCO) working its way back into the market's good graces with that 3% yield.

That said, we have end-of-month markup in play and few players to begin with.

Plus, incredibly, we have leadership from strange locations, namely Twitter (TWTR) and the rebounding oils. I continue to watch Workday (WDAY) for a tradable bottom in the cloud stocks, and I think Starbucks (SBUX) has finally put in a bottom.

One other thought: Do not think for a minute that the biotechs are done going down. Regeneron (REGN), Celgene (CELG) and Gilead (GILD) look good to me, and the former is going to present data this weekend for a new anti-cholesterol drug for those who have had trouble getting their levels down. That can be a terrific companion to the current statin regimen. And you wonder why we keep seeing Sanofi (SNY) buying stock?

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