Take a stock like IBM (IBM) that was downgraded by Goldman Sachs. This one feels like it has been down for days and days and days, and it has shed 10 points since June. While it doesn't have much of a dividend, you are getting a company that grows at about 9% for a 10 multiple. I like that.

Or take Honeywell (HON). A 4% yielder $5 off its bottom, $23 off its top even with a reiteration this morning. Makes no sense to me.

A few minutes ago I listened to some people talking on the "Fast Money" midday report, and they were swearing off the oils, saying they had to be sold. I get that, but once again, I find myself thinking, "Wait a second, Chevron (CVX) wasn't much lower than this when oil was at $33, and did anyone think refining was doing well?" We've been buying on a scale down for Action Alerts PLUS, and I like it.

Now consider that next week's earnings calendar starts with Novellus (NVLS), which was upgraded by both Needham and Barclays. This company reports Monday. Two guys are saying to watch for an upside surprise on Monday and the stock's up 6 cents?