With the NAZZ going back to the levels of 2000 and with the Dow having its best day in a couple of months, we are all about relative performance today, relative as in, "You have to be in the industrials, not the banks and the drugs."
We get to these points periodically and you realize what a real bull market feels like. That's when you have to sell stocks like Exxon (XOM) to buy EOG Resources (EOG), or you have to sell PepsiCo (PEP) to buy Netflix (NFLX). You can't afford to be in UPS (UPS) and you have to be in Amazon (AMZN)!
It's very difficult to keep up in this part of a bull market. That's because this market is saying, "You have to buy the international stocks and you have to take some risk or you are going to be so far behind you will never catch up."
Now, a lot of this is the "offering" that Syrian President Assad will do something good so that President Obama doesn't have to blow up Damascus. That goes away if or when Assad doesn't do what he says he will.
But more important, this is a big-cap rally centered on stocks of companies that reported in-line to slightly better numbers -- Boeing (BA), Honeywell (HON), United Technologies (UTX), 3M (MMM) -- and those who want to play have to lose their safety blanket. That's so hard given that three days ago we had to be in those stocks.
Keeping up, chasing, taking -- these are the spirits of this market right now. What still fits that isn't roaring? How about Timken (TKR) and Johnson Controls (JCI)? How about Home Depot (HD) is Whirlpool (WHR) and Fortune Brands Home & Security (FBHS) are ramping? And yes, you can still buy Vale (VALE).
Lots to buy and not much that's down is typical at this stage of a bull market advance that looked like it was gassed when bonds were about to trade through 3% just last week.