Hidden-Hand Buyers Are In

 | Dec 06, 2011 | 10:46 AM EST
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They went for stocks the moment they came in. "They" are the hidden-hand buyers, whether they be shorts covering or longs trying to get in.

Right now they are oblivious to the issues in Europe. They regard the news flow as good, or at least benign enough to be able to take stocks. They also have the advantage of two Dow stocks being talked about positively, General Electric (GE) by Sanford Bernstein and 3M (MMM) by itself.

Meanwhile, hope springs eternal in Dow stock Bank of America (BAC), which has hurt more people than any stock in this era that I know of. And you should be thinking of buying some Caterpillar (CAT) off the positive words by Mike Sutherlin, the terrific Joy Global (JOYG) CEO, who took pains to distinguish this era from 2008, emphasizing that many of those who cancelled orders in the 2008 credit crunch now regret it. Remember CAT bought Bucyrus, a chief Joy Global rival, and that's got to help the numbers.

Plus, have you noticed the positive action in Intel (INTC)? Here's a remarkable stock that has quietly sneaked higher even as it has been a given that the PC is dead. Some might say this increase is because of the news from Novellus (NVLS) that the orders are coming in more aggressively. I would be careful of that, though, because the call out is really from NAND, post-Thai flooding, because flash is being used more after the drive hiatus from the storms.

We should be down. The bid from the hedge funds is in. It will be there until they all cover and then it will disappear, like clockwork, when bad news hits, whatever form it may take.



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