Building a Foundation

For a while this morning, the bulls were ready to run on a "Cyprus is saved" headline. We did hold up for a while, but then some second thoughts kicked in, and then the Dutch financial minister made the mistake of saying the same approach used in Cyprus could work in other countries as well. He tried to back off from his comments, but the damage was done and the market struggled the rest of the day.

The action felt much worse than it looked because of the intraday reversal from a near-record level for the S&P 500. Small-caps in particular looked quite strong in the early going, but many reversed hard, and that triggered sell stops and profit-taking. I was still impressed by the strength in a number of stocks that I mentioned, such as Sinclair Broadcast Group (SGBI) and Sarepta Therapeutics (SRPT), but it remains quite a challenge to put much new cash to work....1097 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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