It's Tough Out There

 | Nov 13, 2012 | 4:02 PM EST
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Darn thing's falling from its own weight now. This market can't stay up, even with good fundamental news from retail and some positive action in key stocks over in Europe, including Banco Santander (SAN).

It's just a nasty market until we get a resolution in Washington, because there is truly nothing bad that came out today. Michael Kors (KORS), Dick's Sporting Goods (DKS), Home Depot (HD), they are all terrific. Same with D.R. Horton (DHI) yesterday. Some of the stocks that have hurt us recently, stocks like Ross Stores (ROST) and DuPont (DD) and Schlumberger (SLB), are actually doing well. But this Chinese water torture market continues until we build up more negativity, flush out more sellers and get people to capitulate in the face of the cliff.

At all times in this market, you can't chase. You will top-tick it. But you also can't buy stocks in free fall, because they seem incapable of turnaround. Consider the cases of Express Scripts (ESRX) and J.C. Penney (JCP). Is there any level where people won't sell?

Of course the worse thing about this market is that it doesn't roll over. It keeps flat-lining just long enough to lure you in, and then it gets clubbed, truly a market where you must presume that your first buy may turn out to be your worst one, as lower prices always seem right around the corner. 

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