Pinned Down

The market bounced off the early lows but the action is very sluggish, with limited buying interest so far. The biggest problem recently is a lack of upside momentum, although the market has been holding steady. There is dip-buying support but not much chasing, which is keeping the market pinned down.

Breadth has been strong but it is dipping to around 2 to 1 negative on the Nasdaq. Apple (AAPL) continues to be a major drag and I don't see any real speculative action. A few China names have acted well recently, but that has dried up and the best action is now in precious metals and oil....114 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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