Exercise Patience

Microsoft (MSFT) and IBM (IBM) are near their highs following their earnings reports but it isn't enough to combat the "sell the news" inclination. The dip-buyers bought the initial weakness, but the market quickly turned back and the SPDR S&P 500 SPY took out the opening low. That is a technical negative, but since the dip-buyers have had so much success recently, they are unlikely to give in easily.

Breadth is flat and we are seeing some minor strength in financials, while retail and coal lag. Overall, it is very mixed trading. I'm seeing mostly random action and no significant pockets of momentum in either direction....107 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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