Quirky Moves

We've got some bizarre action this afternoon given what oil's doing. We see the natural gas stocks turning and some of the drillers rolling up, perhaps off of fear of Iran or a better Baker Hughes (BHI - commentary - Trade Now) rig count. We also see some turn in the best of the techs. I know many people thought that Hewlett-Packard (HPQ - commentary - Trade Now) would get hammered, but that's not happening, and Qualcomm (QCOM - commentary - Trade Now) -- the brains of the smartphone -- is putting in a nice move.

And everyone's new hero, IBM (IBM - commentary - Trade Now), keeps rolling. What a stock ... and still very cheap.

Still, this is a day driven by the Cokes (KO - commentary - Trade Now) and the stocks of the DRG (Amex Pharma Index), and we can't deny that the defensives are really the only strength in this tape. The fact that Abbott (ABT - commentary - Trade Now) is rallying as it considers a merger is a good tell. Bristol Myers (BMY - commentary - Trade Now) has done nothing for so long, you know the group's got game when this one's rallying. The Coke ramp is stark, and it is pulling up Pepsi (PEP - commentary - Trade Now).

But Apple (AAPL - commentary - Trade Now) and Google (GOOG - commentary - Trade Now) aren't doing it for us -- we can't get anything going without those two.

At the time of publication, Cramer was long Abbott, Bristol Myers, Hewlett-Packard, Pepsi and Qualcomm.

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