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.