Some Traders Just Expect Too Much

 | Dec 09, 2013 | 4:14 PM EST
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In the old days, when you didn't give up a big gain in the next session, it was a big deal. You would say, "Wow, how about that, the gains are being consolidated."

But in this market, a flat day is somehow a defeat for the bulls. People were worried about certain groups, about energy, about some of the retailers. They were worried about some of the techs. They chatted about "no follow-through." To which I say, you have to be kidding me. Up for nine straight weeks until last week, and somehow that's negative?

I am not saying "Don't worry." That's when you get your head handed to you. However, the fact that the market is unchanged after one of the best days in months is something that should be heralded, not be a source of disconcerting thoughts and consternation.

I like to look at stocks that are battlegrounds on a research basis. Take Masco (MAS), which my Action Alerts PLUS charitable trust owns. We had bearish rollout by Goldman, an out-and-out Sell, and we had a re-initiation with a Buy from Credit Suisse. Since this stock was only off a small fraction, to me that says that the market remains buoyant.

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