Real Story: Bull Mode - TheStreet

"If you're invested, stay invested until something changes, but I'd be very cautious about entering into new positions here," Robert Pavlik, chief investment officer of Oaktree Asset Management, tells Aaron Task on Wednesday's

Real Story podcast.

With the

Dow

hitting another milestone, Pavlik is "expecting a pullback" as earnings season comes to a close and momentum wanes. But he's far from bearish. The money manager is "building a list of good companies with quality management and proven earnings growth that I want to own at lower prices."

Among his favorites are

Boeing

(BA) - Get Report

and

Pepsi

(PEP) - Get Report

, two of Wednesday's winners in the earnings parades.

Other gainers included

Alcoa

(AA) - Get Report

, which is considering selling its packaging and consumer segment, a move Task says may be a prelude to Alcoa itself being acquired.

In addition,

Amazon.com

(AMZN) - Get Report

soared nearly 27% after posting first-quarter results much better than expected and lifting its revenue forecast for the year.

Amazon was among the stocks discussed in Wednesday's "Should I Do It?" segment with David Peltier, research associate at TheStreet.com and author of TheStreet.com's Dividend Stock Advisor and Value Investor newsletters.

While conceding he was wrong about the stock, Peltier stood by his comments of a week ago -- "don't chase Amazon" -- noting a huge short position contributed to Amazon's big rally Wednesday.

Other stocks examined by Peltier and Task included

Capital One Financial

(COF) - Get Report

,

Broadcom

(BRCM)

and

Schering-Plough

( SGP).

Peltier also made positive comments about

Qualcomm

(QCOM) - Get Report

ahead of its earnings report, which proved better-than-expected after the close. Also rallying after the close was

Apple Computer

(AAPL) - Get Report

, which posted blowout first-quarter earnings. (Click

here to view a video of the "Should I Do It" segment.)

Other corporate developments Wednesday included the strength in energy stocks as crude spiked and

Baker Hughes

(BHI)

reported upbeat results while

Sun Microsystems

(SUNW) - Get Report

was among the stocks falling into the dreaded "Geoff Tate zone."

In the remainder of the podcast, Task discussed how the market's positive reaction to macro news -- be it the weak new-home sales or stronger-than-expected durable goods data -- is a clear sign of a market in a bull mode.

While agreeing with Pavlik about not adding to positions after the recent run, "stay long and enjoy the ride until there's a change in the market's mood," Task says, noting that the rally may continue as money comes off the sidelines.

Click

here to listen to the entire podcast.