Time to Buy, Not Sell

 | Sep 25, 2013 | 4:18 PM EDT  | Comments
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We have had five straight benign down days. That's really the only way I can describe them because we have seen a lot of stocks refuse to go down. Today, for example, the banks rallied. Are mortgage rates coming down? Some are. But I put this one on the rumors that the Justice Department might let up on its endless pursuit of JPMorgan. Memo to Morgan: We learned from BP (BP) that you can't trust the government to make a deal, so try to get something to hold that is harmless in the event you do try to strike a compromise.

Tech shined again today and the oils did well. You don't get that kind of distribution where you have whole sectors such as tech and banks go higher and really feel that the bull is being threatened.

To me, this is natural. You know we aren't going to stop thinking about Washington right now. But we have to like the gentle nature of the decline.

We did some buying today, first net buy in ages. Why not?

Down five straight days is a reason to buy, not sell -- as long as you can eliminate stocks with a direct connection to Washington. I know, it's a tall order, but they do exist and you do need to buy them. 

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