Bad news already priced in

Cisco (CSCO 23.37) cuts guidance and the stock goes up.

Ralph Lauren (RL 63.24) misses and the stock goes up 6. Citigroup cuts the stock the next day and it still goes up a nickel.

Pepsi (PEP 70.41) beats by a penny and the stock goes up 3 1/2 points.

JC Penney (JCP 47.44) sees earnings at the higher end of estimates, and the stock goes up 4, and is up 14 points from the low a month ago.

Just like when the Fed cut rates, the dollar rallied, as the currency starts to discount the turnaround in the U.S. Economy. The stocks that haven't rallied are the tech stocks. They will.

So pick up Apple (AAPL 121.24) which today traded 75 million shares, and traded down to a low 117.27, 86 points off of it's high a month and a half ago. If CSCO trades up on tepid guidance, AAPL can trade up from here, at least to the 137 level where it found buyers after it reported earnings two weeks ago.

Research in Motion (RIMM 84.95) is down 52 points from it's 137 high. Like Apple, it corrected over 40%! Give me a break. Does Wall Street think there won't ever be a growth stock buyer again?

Both of these stocks have made beggars out of the buyers. Now they are begging to be bought. Buy both of them!