"Remain bullish, but realize that the stock market has become more selective," notes Mike Cintolo. Meanwhile, in The Cabot Market Letter, he is bullish on two leading online players.

"The days of every stock and sector being lifted up by the market’s tide are gone. This is to say the bull market is close to an end.

"Although the first divergences are popping up, our indicators are bullish and the big-cap leading stocks are still in firm uptrends. Thus, the goal is to get into new leaders at attractive entry points … and then watch them with a close eye.

"Even before Cyber Monday, Amazon.com (NASDAQ: AMZN) announced that November up to that point was the best-ever month of sales for the Kindle. The Kindle is also the top-selling product across all categories, and is the most wished-for and gifted product on Amazon.

"And every Kindle sold leads to what is effectively a stream of recurring revenue as users buy e-books and subscribe to e-magazines and e-newspapers.

"Technically, AMZN has been superstrong, and it’s clear institutional investors are accumulating shares in a big way.  We think you can buy some on any retreat of a few points.

"Netflix (NASDAQ: NFLX) is moving beyond its roots as the leader in the DVD-by-mail business and is becoming the flag-bearer for streaming video on demand.

"Subscribers have access to thousands of movies and TV programs included in the price of a regular subscription; they can be watched on a computer or on a TV if a subscriber has a Netflix-enabled console, such as PlayStation 3 or Xbox.

"This innovation has kept subscriber growth brisk (11.1 million at the end of the third quarter, up 28% from a year ago), which in turn has kept sales (up 24%) and earnings (53%) kiting higher.

"Technically, the stock broke out of a six-month base on its quarterly report in October and has acted well since. We think it’s a good buy here."