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Looking for Value in the Rally: Quick Take

NEW YORK ( TheStreet) -- TheStreet's Debra Borchardt spoke to Keith Bliss of Cuttone & Company on the floor of the New York Stock Exchange about the stock market correction that hasn't seem to come.

With every dip being bought, Borchardt asked, "can I still get in, and if I do get in, where do I go?"

Bliss thinks it would be best for investors to wait before entering the market. "We're bumping against key resistance points," he noted. So far, 1,647 and 1,670 in the S&P 500 (SPY) have proven to be very strong resistance points and he thinks we have break through those levels to continue the bull rally.

Bliss went on to say that "if you wait a month you can buy a nice basket of broad-based stocks and ride them up." But, if you enter now you are taking on some risks, noting that you will have to pick and choose what sectors to be in.

Together, Borchardt and Bliss signaled that growth and tech are in favor, with defensives, which were once the leader, are now lagging behind. With the latest rotation apparent, Bliss would be focused on healthcare, utilities and consumer staples. "They're still good for a couple of points," he noted.

-- By Bret Kentwell in New York.
Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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