No, I am not saying ignore what happens in Syria. I am not oblivious to what President Trump might be saying about Russia, particularly when I think he mistakenly says this is the worst that it has been, even during the Cold War. Perhaps he's not familiar with the Cuban Missile Crisis. But the fact is that the "Bristol-Myers (BMY) - Get Report  Theorem" -- as in: "What does Syria have to do with Bristol-Myers' price-to-earnings multiple?" -- is very much in play here.

You simply can't figure out what kind of discount that stocks should get off the lack of common ground with the Russians, so what happens? The fundamentals prevail -- and right now, the fundamentals on the eve of earnings season seem pretty darned good.

For example, the oil stocks -- an unloved sector -- are at last reacting to the Middle East tensions and going higher. I don't trust this long-term, but for a trade, it seems pretty palatable. My Action Alerts PLUS club's charitable trust is holding on to Cimarex (XEC) - Get Report ahead of our monthly club conference call Thursday. After all, the stock is down so much that it's totally out of sync with its sector.

The so-called "Cloud Kings" also remain totally buyable here. However, I think the drug stocks are consolidating after a nice run.

But do you want to know what I think could work the loudest here? Action Alerts PLUS holding Amazon (AMZN) - Get Report .

You have a president who's preoccupied with Russia and the alleged "fake-news" coverage on it. That means he might not have the bandwidth to attack Amazon for a while -- which means that the stock, which is at a critical technical juncture here, might really take off.

And what about Facebook  (FB) - Get Report ? I think that CEO Mark Zuckerberg's Capitol Hill testimony went well, but we never got what I wanted -- a real outside investigator who reports to the Facebook board. This person could see how much the company is really complying with its own rules and dig up any past transgressions that should have a light shined on them.

Image placeholder title