ITT (ITT) preannounces below "views" and rallies hard. Eaton (ETN) "blows up," catches a downgrade, and just gets back to where it was not that long ago. Boeing (BA) is doing terribly, but like ITT, raises its dividend, and people are jumping up and down about it. Honeywell (HON) puts out a bold forecast and ran up for a second day. Can United Tech (UTX) be far behind? All of these things have happened underneath the reaction to the Fed's "By Any Means Necessary" plan to reflate the U.S. economy. These are the undercurrents that will surface even as we decline for the moment. These are all signs that people are banking on a recovery in the rest of the world next year, at least vs. this year. Is it right? One thing I learned in 2003 is that you don't see it coming. Oh, and I feel like I am learning that hard lesson again in the Nasdaq/SOX, which just won't quit. You have to be impressed with how the big industrials don't want to give up the ghost. I found myself looking at Ingersoll Rand (IR) last night, and I almost wish I hadn't -- because the earnings are probably too high -- but it might not go down any more than, say, Johnson Controls (JCI) did Tuesday. They all seemed to get a second wind from the Fed's incredibly bold moves after yesterday's meeting. I like to have a buy list ready at all times. I bought Eaton yesterday because it hit my yield objective, even if it was on a downgrade and a preannouncement. It has an accidentally high yield, a dividend established conservatively and is well budgeted for. I think yesterday's action tells me there's more here. I still like the Procters (PG) and the Johnson & Johnsons (JNJ) because they are really down despite what should be really good year-over-year earnings because of the margin expansion from cheaper input costs. They make sense even if you think we are going to have just a garden-variety recession. Now, I keep trying to relate all of this to the Baltic Freight Index, which has bottomed, but I also think that all the stimulus from around the globe is going to make these companies do better than people think. It's rough. It is clear there is overcapacity in so many places in commercial and residential and in retail and in energy. The opportunities are almost all in places where the government is going to have to build things, because we don't need any more capacity of anything! Only China has the raw demand of country folk coming to the cities, a la our Industrial Revolution.

From a recent Mad Money show: "I do not believe this is a takeover target. But I think it's still cheap under $50."

From a recent Mad Money show: "I have to tell you, I'm not a big fan of Sketchers. Let's see how Nike (NKE) does and consider buying them instead."

From a recent Mad Money show:"This stock is moving up. But if all the negatives are still true, then we don't want to own it. I want to hear from the Goldman Sachs analyst who scared us all to death first. "

From a recent Mad Money show: "I like the management, but I'm only recommending Nordic American Tanker (NAT) right now or Frontline (FRO). "

From a recent Mad Money show: "This one is under a lot of pressure, but under $60 this one is ideal. Their raw costs are coming down and this is a great buy."

From a recent Mad Money show: "This one's problematic. I think that it's inexpensive, but I don't see a big Christmas coming for them. Let's stay away for now."

From a recent Mad Money show:"I've never been right on this one. I'm not a good judge of Netflix."