This Dip Doesn't Tempt the Big Cats

 | Dec 11, 2013 | 4:17 PM EST
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Clockin' in.

You get the sense in this selloff that most large investors aren't biting yet. They are content to watch stock prices fall, as they have no catalyst yet to start buying. They have either made their year and don't want to risk anything or they have hated it for so long that this little dip doesn't entice.

The absence of any new information to make people want to buy doesn't help. Nor does the endless amount of supply, like the big Hilton and Aramark deals that are coming.

The volatile stocks, the energy and industrial names, are just getting destroyed, and they, too, feel as if they are dropping under their own weight. But they have moved up so much, who wants to just stick a bid in and get whacked, because the velocity picked up enough to question whether the sellers actually "know something"? Unlike the most recent soggy days, this one tempted almost no one, and the gaps down on some of the best stocks were harder than they were on some of the worst.

It's pretty amazing, for example, to watch Starbucks (SBUX), such a star, go down on pretty much every tick without a lift.

And the oils? Forget it. A combination of a sense of peak oil prices (see my earlier piece) and the number cuts that are about to occur -- see Dan Dicker's video -- makes the group particularly toxic. 

No bargain-hunting, at least not yet. None at all. The beleaguering after such terrific rallies is pretty breathtaking and doesn't yet feel close to terminating. 

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