That Perfect Number

 | Dec 06, 2013 | 10:46 AM EST
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Sometimes a number comes along that says "OK, stop worrying, go back to work finding good stocks, bonds aren't going to get in the way and neither is the Fed."

This labor number was that kind of number.

I had been so concerned that we would have an overheated number of 250,000 and that would have caused bonds to overshoot more than 3%.

Didn't happen.

Now it is just a big bad event that's all rearview mirror.

When that happens, we can say stocks are down for five days and there must be something for us to buy.

For me, I like the banks that have been stalled here. They get a little better yield curve and they get a little better growth. That works.

Second, the industrials are doing better and they've been stalled, too. Keep an eye on 3M (MMM), as that's a high-quality stock that's been down.

And I think there were plenty of housing and housing-related companies that were trading as if mortgage rates were going right up.

Those can go higher, too.



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