A Return to Stock-Picking
Breadth is extremely strong at 4900 gainers to just 650 decliners, but it is "gap and flat" action. The market hit the highs early and isn't gaining any traction. The vast majority of stocks on my screens are well off their early highs.
It isn't too surprising that the market needs to consolidate a bit after the move since Monday morning. It's also facing technical resistance at the S&P 500 tests the lows prior to Christmas, when optimism about a fiscal-cliff deal was running high. At that time, many thought the market might have a setup for a sell-the-news reaction to a deal, but it fell apart first and that paid off for active traders....272 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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