Difficult to Be Aggressive
The market caught quite a few bears by surprise this week when it went up despite the lack of any QE3 progress and generally mediocre earnings news. The shorts were forced to cover when we didn't see any downside traction on Ben Bernanke's comments. And then they were squeezed even more when we had a "buy the bad news" reaction to some of the reports in the technology sector, including Intel's (INTC) and IBM's (IBM).
The strength in the technology sector was a good sign but that was undermined to a large degree by weakness in the financial sector and small-caps. The other big problem this market has is the lack of leadership. We saw a few random movers, such as eBay (EBAY) and Google (GOOG), but there really aren't any strong themes. The hot money traders were active in Palo Alto Networks (PANW) and Kayak Software (KAYK), which had its initial public offering (IPO) today, but neither went out very strongly....169 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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