The market's made some real judgments today. Some of them are reversing previous days and some are simply resignations. First, Splunk (SPLK) and Veeva Systems (VEEV) have done the job, re-igniting both big data and cloud plays. Sometimes the market is gallingly stupid. Yesterday the market hated Workday (WDAY), even though it was the best quarter of the cloud bunch.
But today you get two good quarters from some heavily shorted names that haven't recovered since the March bone-crusher, and everything comes back to life. I think that Workday's only back to even after yesterday's powerhouse quarter, and it's the one to buy. I also think that Salesforce.com (CRM) is going to take out its high post quarter.
Meanwhile, the market has also spoken about the industrials, namely, General Electric (GE), United Technologies (UTX) and Boeing (BA). Right or wrong, they are the ones most directly impacted by Ukraine-Russian tension and the strong dollar that's concomitant. They go down every time there's a flare. It's tough on us; they are undervalued action alerts names. But that's been a continual theme for 2014, and what was ridden to glory for 2013 is a big bust for 2014.
Finally, the consensus is in for oil: it's done going down. The fastest growth stock in the group, the one with the best production growth, remains EOG (EOG) and should be bought. The big-cap oil that works best is Royal Dutch Shell (RDS.A) -- despite the Russian exposure as they almost all have that. The special situation break-up play is Occidental (OXY). The take-out is Anadarko (APC). And the oil service stock is Halliburton (HAL), which is putting up great numbers and will actually go up if it buys Weatherford (WFT).
Everything else is pretty theme-less, except the rallies in Tesla (TSLA) and Netflix (NFLX), which seem to know no bounds.
And do not forget Regeneron (REGN), with its cholesterol data coming Sunday. Worth a deep in-the-money call buy, for certain.