Who Is in Charge?

 | Sep 06, 2013 | 3:07 PM EDT
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Who's in charge here? The bonds? The earnings? The Labor Department? Vlad Putin? The answer no one knows. Perhaps whoever spoke last?

Think about it. We come in with a head of steam, futures looking fabulous because of a weak jobs number that everyone decides keeps the Fed in check. But then, even as the futures are still running higher, we get news that Putin's sticking his proverbial finger in President Obama's eye. That creates instant uncertainty and the market momentarily gives up most of Wednesday's gains.

But then the president shows resolve and we ping-pong back to the bonds. The stock market loves low rates and takes up everything, including the homebuilders (which have been horrendous) and reignites the growth stocks like LinkedIn (LNKD) which priced a secondary so in the hole that almost no institution got the stock it needed. Yelp (YELP), another stock that won't quit, got a nice boost from an upgrade, too.

All that said, we know from the opening that Syrian news can trump everything from growth stocks to joblessness. So, you have to continue to believe that big rallies are to be sold so you can buy 'em right back when Syrian news sends the futures in a tail spin. Just be ready. It will happen again and again and again.

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we like this chart here, it appears ready to move higher. BOUGHT BZUN OCT 35 CALL AT 3.40
Large-cap, high-quality McKesson (MCK) is too cheap now, at $147.51 or so. The stock hit $243.60 more than 2.5...



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