Tough to Get Behind This Action
The market is suffering multiple personality disorder today. On one hand, we have around 2-to-1 negative breadth on the NYSE, with weakness in oil, retail, banks and homebuilders. On the other hand, we have Apple (AAPL) regaining its luster as the go-to name and then quite a bit of speculative action in low-priced China stocks and some junk names. Nasdaq breadth is close to even, and there are some pockets of momentum particularly in technology names.
The dilemma of this sort of action is that the technical negatives are quite evident. We had a classic oversold bounce on declining volume during the holiday week, and now we need to consolidate. Traders are anxious, however, to put some performance points on the boards, and they are chasing junk and are back on the Apple train. They may not be true believers, but they are going to keep pushing while they can....129 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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