More Than a Gut Feeling
Apple (AAPL) kept the Nasdaq in the red, but the other major indices managed gains. Breadth was pretty good at about 3350 gainers to 2070 decliners, and banks and homebuilders provided leadership. But under the surface, there were quite a few reversals and the market closed on the weak side. I found the action in many individual stocks troubling and I didn't feel very good about the way it moved today. The midday spike felt frothy and manipulated and there was just too much red on my screens.
I constantly preach that we shouldn't anticipate a market top but I didn't have a good feeling about the action today, although there weren't any glaring negatives. Many market players think that tonight's State of the Union address might be the catalyst for a top, but I see no reason to jump to that conclusion....83 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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