Beware Tech Joy - TheStreet

This column was originally published on RealMoney on Feb. 7 at 9:08 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

"Like the Mississippi, it just keeps rolling along. Let it roll. Let it roll on full flood, inexorable, irresistible, benignant, to broader lands and better days."

-- Winston Churchill

Good news from

Cisco

(CSCO) - Get Report

has the market rolling along to the upside once again. For a while yesterday technology stocks looked ready to succumb to some profit taking but by the end of the day the bears had once again proved that they are just a minor nuisance that the bulls are free to ignore.

Cisco has technology stocks perking up this morning after some strong guidance, but we need to keep in mind that quite a few times lately strong earnings from a big-cap technology players has led to some aggressive profit taking. I certainly would be not too quick to jump on Cisco with the hope that the good report is going to drive it straight up.

My attitude about the market now is that I simply have to respect the fact that it just keeps rolling along to the upside. All the arguments about why that shouldn't persist are well known and just don't matter.

One thing many casual market players have a hard time understanding is why many market pros are not thrilled when the indices move straight up. Isn't it a good thing that stock prices just keep going higher and higher?

Sure, if you were fully invested in the right stocks and holding for the longer term. Nothing is better than for the buy-and-hold investor than a market that never corrects.

The 'professional' and active investor tends to look at things a bit differently. Opportunity comes from volatility. To make the big money the active investor needs pullbacks and surges and shifting action so that he can utilize his ability to time the market and take advantage of emotional swings.

A steady drip higher simply doesn't provide a good supply of opportunities for the active investor. Finding new stocks to buy becomes more difficult each day in a steady uptrend as entry points become more extended. Markets that go straight up aren't all that wonderful if you watch the market all day and are itching to stay active.

We have a positive start to the day primarily due to Cisco. Overseas markets were mixed with some strength in Europe as mining and utilities lead. Oil is trading up once again.

Editor's Note: Coming soon we will be launching TheStreet.com ETF Shark Alerts service, written by longtime RealMoney contributor Jim "Rev Shark" DePorre. If you invest or trade exchange-traded funds (ETFs), or want to learn how to use them in your portfolio, this premium service is for you. As part of your subscription, you'll receive a weekly newsletter, access to the model portfolio, plus several alerts each week from Rev Shark. Look for more details here as our launch date gets closer.

At the time of publication, De Porre had no position in stocks mentioned, although holdings can change at any time.

James "Rev Shark" DePorre is the founder and CEO of Shark Asset Management, an SEC-registered investment advisory firm. He also operates

sharkinvesting.com, an interactive online community that serves and educates active investors. DePorre holds business and law degrees from the University of Michigan, is a member of the Michigan Bar Association and a former tax attorney and CPA. He lives in Anna Maria Island, Fla., with his wife and two children.Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Rev Shark appreciates your feedback;

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