Can't Shake Off the Continent

 | Jan 05, 2012 | 10:42 AM EST  | Comments
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The market has done a good job recently of shaking off European worries and has the additional boost of a better-than-expected ADP (ADP) jobs number this morning, but the weak euro is winning out.

Breadth is poor at better than 3-to-1 negative, with only semiconductors slightly green due to strength in Intel (INTC). Oil, retail, gold and banks are struggling. The one group attracting momentum interest is fertilizers, with Monsanto (MON), Mosaic (MOS), CF Industries (CF) and Potash Corp. (POT) doing well. I'm nibbling at Potash.

The market has been coming back from early weakness recently. As long as we hold the early lows, we should be OK -- but if we test them again this afternoon, expect the selling to pick up quickly.

I have a few interesting setups on my screen, including Raptor Pharmaceutical (RPTP), SandRidge Energy (SD), ARIAD Pharmaceuticals (ARIA) and C&J Energy Services (CJES), but they need more life for me to be more aggressive.

Columnist Conversations

There have been no reversal indications aka sell triggers in the SPX against the cycles I was watching. The b...
If you want to make a point about the current action in the FANG stocks you completely undermine any credibili...
Thanks for vote of confidence, but I'm not the market. I just wanted to point out...while you could be right ...
You are brilliant.



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