I've been looking around for stocks, my friends. I haven't bought one in a while and I'm itching to do so. But I don't want to just buy for the sake of buying. No way, not in this market. One of the many stocks I've been keeping my eye on as of late is DreamWorks Animation (NYSE: DWA).

As an owner of Marvel (NYSE: MVL) stock, I recognize the potential, speculative value of buying a company that is a closer play on Hollywood than, say, a Disney (NYSE: DIS) is, ahead of the release of a big tentpole production by said company. A tentpole for DreamWorks is coming up in Madagascar: Escape 2 Africa.

No, this sequel isn't a Shrek flick, but I still think there is a chance that it will do good business come this Thanksgiving. In fact, a recent press release from IMAX touts the fact that the movie's run is being extended in the company's popular theaters. Problem is, though, DreamWorks is in no way ready to be bought yet.

The way I like to play a Marvel or a DreamWorks is to buy (or add) on a severe pullback. I remember when I got some Marvel shares on a, if I recall correctly, one-day 20% drop. That was so sweet. I bought immediately and was so happy when I sold into the strength of Spider-Man 3 many months later. I've been meaning to do this with DreamWorks, but I guess I haven't gotten the chance (or, I haven't watched closely enough to catch one of those days).

DreamWorks Animation closed at $31.53 on Monday, the day of the great Fannie/Freddie rally (on a side note, I don't think the great rally means that we are out of the woods yet in terms of bearish volatility). The stock's 52-week high is $34.99. The 52-week low is $21.25.

There's no question that the computer-cartoon studio has the goods to be a long-term investment. Heck, it could be a buyout target someday. But I'm talking a little shorter-term here. For that reason, I could not, under any circumstances, buy in right now. It's way too close to the 52-week high. I'm not sure it'll drop back down to the low anytime soon, but that's what I would need it to do for me to become interested for a shorter-term trade. I'll keep my eye on it, though, just in case.

Disclosure: I own Disney and Marvel; positions can change at any time.