Well, I just think that things like that are so short-term that it doesn't really matter. I don't really care where the puts and calls are, unless there's a clear, logical, articulated REASON for them to be there.

This year, I've picked up a couple of stocks that have done not nearly as well as I'd have hoped, but which I remain confident in because their earnings and forecast keep going up up up even while their share prices remain the same.

My biggest example is Baxter. Up a mere 2.3% year to-date while its earnings went from $3.38 per share in '08 to $3.80 per share in '09, forecast to $4.29 per share in '10.

Sure, I wish I could have gotten more of the momentum plays of the year. If I could go back in time and pour everything into Amazon and ride it to its current 68.9 P/E ratio, I would have. But I missed it, and I'll just stick with the likes of Baxter and TEVA thank you very much.

In addition, the--what I'll call, irrational--trading of these short-term speculators and momentum-seekers does provide buying opportunities. Although BAX is up 2.3% YTD, I'm doing much better than that by adding shares on the stupidity-dips. I've done some of the same with TEVA, and being as its performance in general has been quite good this year (up 19.7% YTD) TEVA's actually the best performer in my portfolio.