This column was originally published on RealMoney on July 12 at 11:31 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.
Tuesday's action was pure bear market action. I always dislike using those types of terms because they obscure the ability to buy a General Mills(GIS Quote) or a General Dynamics(GD Quote) or a Genzyme(GENZ Quote) or dozens of other stocks that are acting quite well.
But yesterday sucked a lot of people in. It was a day when you thought the Nasdaq 100 Index might be putting in a bottom, and today you are getting hurt even worse and giving back much more than any reversal yesterday could offer.
The real issue here is that into strength like yesterday, you have to lighten up, not buy, unless the company has no economic sensitivity. ...
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