Amazing Walk Up

Is this a gentle rolling correction with intraday moves that require you to pull the trigger? At one point today, the Nasdaq was down and down hard, and then we have gotten what seems to be the inevitable walk up. Frankly, it's pretty amazing. It's, well, it's like 1996, when we had the big streak and no pullback.

Some of it is coming from a new, non-tech place -- namely, health care, as we are now getting a total dead on arrival read on just about everything Obama wants, especially biotech. Plus, there's just an unabashed rush toward the Express Scripts (ESRX - commentary - Trade Now) and Allscripts-Misys Healthcare Solutions (MDRX - commentary - Trade Now) for still another day.

So we get hit today in the transports and the oils, but we make it up in pharma, some tech and lots of housing-related plays.

An eclectic group of stocks are now up for days on end, including Caterpillar (CAT - commentary - Trade Now), Panera (PNRA - commentary - Trade Now) and Hershey (HSY - commentary - Trade Now). Others are showing signs of coming to life after a vicious beatdown, including SanDisk (SNDK - commentary - Trade Now) -- I still don't think there was that big a deal there -- Yum! Brands (YUM - commentary - Trade Now), Abbott Labs (ABT - commentary - Trade Now), Best Buy (BBY - commentary - Trade Now), Corning (GLW - commentary - Trade Now) and Verizon (VZ - commentary - Trade Now). Still others are just going up quietly over time, including Gilead (GILD - commentary - Trade Now) and Cisco (CSCO - commentary - Trade Now) and 3M (MMM - commentary - Trade Now). Of course, WellPoint (WLP - commentary - Trade Now) and United Health (UNH - commentary - Trade Now) go up because they are, without a doubt, the signals of the end of the health care reform initiative.

And then there are the banks. Nobody's thinking much of them these days, but you are getting some terrific pin action in my two favorites, Bank of America (BAC - commentary - Trade Now) and Wells Fargo (WFC - commentary - Trade Now). Lets include General Electric (GE - commentary - Trade Now) and Citigroup (C - commentary - Trade Now) -- yes, Citigroup! -- in that upwardly biased group.

Hmm, gentle is right!

At the time of publication, Cramer was long ABT, BAC, CSCO, GE, GILD, WFC and YUM.

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