Action That Refreshes
Today's action was the inverse of the previous two days. It started strong and finished weak. The bears pushed a bit, but didn't have much success. The indices were green and breadth was better than 2-to-1 positive. Apple (AAPL) was a major laggard again and I didn't see as many pockets of momentum, but there is plenty of green and good support.
I was a net seller today, not because the action looks poor but because I'm finding less to buy. I continue to see no reason to adopt a bearish stance. The market is still holding well above the big fiscal-cliff gap and even making a run at the highs. The argument that there is too much complacency doesn't strike me as a concern until it is reflected in the price action. There is just too much support to believe that things are so bullish that there is no buying power left....90 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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