Which is more important, the European Central Bank's decision or the unemployment report?
I say, neither. What's important to me is that today, Jonah Shacknoi decided to bring out an immense amount of value by selling his company, Medicis Pharmaceutical (MRX), to Valeant Pharmaceuticals (VRX). Stock's up huge.
What's important to me is that Medivation (MDVN) just got approval for a new late-stage prostate cancer drug. The stock continues to be up huge.
What's important to me is that Mellanox Technologies (MLNX), the hottest stock of the first half, continues its tear after getting a nod from Deutsche Bank.
Of course, in a down tape, these events become secondary to "the action," which is heavily influenced by the big macro events.
Yet it is important to remember that if you sold these stocks because of macro worries, you sure have left a ton on the table for no real reason. Motivated CEOs and brand-new mousetraps are better than CEOs who don't care or who are just skating along and better-than-previous mousetraps.
On any given day, there's a whole host of ways to win among the overall gloom that is brought to you by Spain or the Institute for Supply Management or China.
Just keep that in mind when you dump everything for fear of the big bad events that lay ahead.