NEW YORK (Real Money) -- Tough moment, right now. It's a moment where, when I hit up a stock, pretty much any stock, I say to myself, "Nah, has run too much, have to wait for a pullback."
It's OK if you have one or two names that you think have moved up, where you want to wait for a pullback before you buy. But almost every stock I looked at today I thought had moved too much.
Let me tick down some. I think the oil service companies have been amazing and seem to want to go higher still. But when I look at where Schlumberger (SLB) has gone, or Halliburton (HAL) for that matter, I say, "No way, moved way too much." The charitable trust has been buying Ensco (ESV), but that's because it is hated, despised beyond all reason and has a decent yield. When I saw the stock up yesterday I figured someone has to downgrade it. Yet that's the stuff that's really left to buy.
The high-quality software-as-a-service companies have corrected from hideous levels, and I really like Concur (CNQR) and Salesforce.com (CRM). But the easy money has so clearly been made here it's palpable. We want to be bigger in Facebook (FB), but the stock had been restricted, meaning I have mentioned it on one of my shows and I wasn't allowed to buy it. The stock's now run to the point where I think it, too, has moved too high to grab some more. Old tech, meaning Oracle (ORCL) or Cisco (CSCO) or Intel (INTC) or Micron (MU), Seagate (STX) or Lam (LRCX), have all rallied way too much to pick at. The only one that hasn't is IBM (IBM) and I have to tell you that the trust's experience with IBM has been, well, let's just say suboptimal.