On Thursday, the shares of Crocs, Inc. (CROX) shuffled to a new 52-week high for the second time in as many sessions. The equity topped out at $8.47 on an intraday basis, marking its best price since July 2008. But with the stock hovering near a 20-month peak, can the shares continue to climb -- or are they due for a pullback?

If today's drop of more than 2% is any indication, it seems that CROX's positive momentum is cooling. The stock's Relative Strength Index (RSI) stands at 63, not far from overbought territory, so this modest retreat isn't terribly surprising.

I like to check out stocks that are at or near a 52-week high in a tough market. Netflix (NASDAQ: NFLX) is one of them. Not only is the stock near a 52-week high right now, but it is up today almost 3% by nearly a buck.

Netflix is a very interesting company -- it has done extremely well with its DVD-by-mail subscription model, and it has offered a lot of competition for Blockbuster (NYSE: BBI). It's got great brand equity, the company's stock seems to be working -- why not go with it? In fact, Larry Schutts recently talked about how the stock was in bullish-flag mode. (By the way, I recently discussed my negative feelings about Blockbuster.)

The only problem here is that the market has been so volatile that my gut tells me many 52-week-high-stocks might be dangerous. In an upward-trending market, they might work, but in our current bear environment, I'm not so sure. Plus, I've been burned recently by some badly-timed purchases. So, while I have been watching Netflix, I'm a bit sheepish about getting in at the moment. A pullback will make this one much more interesting. Yes, many technical traders will tell me that the trend is a friend -- it is oftentimes. And I do have to say that this is one strong stock that almost got me to enter in near the high -- but I resisted, and I will continue to wait this one out.

Steven Mallas owns none of the companies mentioned here.

There were several events during the last week that are almost certainly clues to what is likely to happen in certain industries and the economy in general as Wall Street looks forward to the July through September period. The week was dominated by the launch of Apple's (NASDAQ: AAPL) iPhone and the extended glow for AT&T (NYSE: T), but in the broader picture, the news means very little.

Looking at other news:

Oil closed over $70 for the first time since late last summer. While the news may be good for Exxon (NYSE: XOM) and other big exploration and refinery companies, it will hurt industries from air freight to automotive.

Dell (NASDAQ: DELL) hit a 52-week high, a sign that Wall Street believes the PC industry may have a good second half, especially with Hewlett-Packard (NYSE: HPQ) also trading near its high point.

An unusually broad number of stocks representing several important industries hit 52-week lows. While it would be expected that home builders like Beazer (NYSE: BZH) would struggle in a poor housing market, Blackstone (NYSE: BX), Circuit City (NYSE: CC), and one of the nation's largest banks, Wachovia (NYSE: WB) also touched bottoms.