Speculators Cool Down

The market action underwent a change in character today, with small-cap speculative stocks being hit while a few big-cap names kept the senior indices in the green. We had started the day with strength across the board, but the small-caps lagged badly, and by the end of the day breadth was solidly negative, even though the DJIA still had a good-sized gain.

During the first quarter of the year, small-caps often outperformed while the Nasdaq-100 lagged. That reversed today, and you have to wonder if that is a sign that speculative interest is slowing and that money is now rotating into "safer" big names. If so, the concern is that market players are becoming more cautious, and that would put a cap on further upside....1245 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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