Here's What the Bears Should Worry About

This column was originally published on RealMoney on March 1 at 12:56 p.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

OK, we all know the negative scenario. Let me give you what the bears should worry about.

The fact that we recovered from down 200 will encourage Europe, where the markets are better, to be up 1% to 2% tomorrow as the buyers come in and take advantage of the decline.

When you get Europe strong, you may have an up opening that doesn't fail.

Then you could have a situation where the bears try to knock the market down and they fail. Or you have short-covering on Friday afternoon, an old pattern for bear markets.

That this good scenario could occur cannot be ruled out, if only because today was a day where if you panicked, you know it was wrong.

If that's the case, there's still plenty that works: Altria (MO Quote) right here, General Mills (GIS Quote), Coca-Cola (KO Quote), Heinz (HNZ Quote), Clorox (CLX Quote), Avon (AVP Quote) and Bank of America (BAC Quote). All of these make sense here.

So do the stocks that are in the drilling complex. Halliburton (HAL Quote) is down since it announced its buyback! GlobalSantaFe (GSF Quote) was magnificent. Transocean (RIG Quote) has pulled back big.

I'm just trying to get the long side your attention now that the bears have not been able to send the market down very strongly since the morning V bottom.

Oh, and for you technicians out there, we did hold the levels that we hit the other day.

That matters, too.