Seeking a Safe Haven
This column was originally published on RealMoney on July 13 at 3:02 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.
Now you've got two problems: a Friday where the bears can play havoc and the possibility of something really terrible in Israel that can escalate quickly, in the manner of 1973.
In other words, the market is taking away hope of upside and forcing you to take a beating, with only a short-covering rally as your reward.
I am fascinated by the fact that the TRIN, one of my favorite technical indicators, touched 2 -- usually nirvana for the bulls as it is so negative -- and nothing happened. But the ultimate time frame for the aftermath of the Israeli missiles is just too horrible to navigate.The market almost seems to be saying collectively: "I want a call on the future, let me wait and see. Wait and see if we ever get oversold to the point where the earnings in the future will matter." Is there something that can be bought that is a happy medium? The fear in Israel would be an oil boycott, which should send energy up. Why not some Halliburton (HAL) or Nabors Industries (NBR)? How about some Occidental Petroleum (OXY) or ConocoPhillips (COP)? Suggestions of what will work earnings-wise and geopolitical-wise make sense in light of the nuttiness out there. This is a safe-haven suggestion; nothing more than that.
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