Seems They're Looking for Excuses to Sell

 | Jan 10, 2013 | 2:15 PM EST  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

aapl

The bad news is that the opening gap has been sold aggressively, and that Apple (AAPL) continues to trade poorly. The good news is that the dip-buyers jumped in and have the major indices well off the lows. Breadth has improved again, particularly on NYSE, and we have some positive action in chips, banks and steel. There is some hesitance among buyers to chase at this point, but the fear of being left out is keeping bids in place.

Although the overall action still looks OK, I've taken some stops in Thursday's session and pared back a number of things, as small-caps shares are undergoing some profit-taking. I have my eye on a couple of potential late buys, but I'm not feeling as confident about near-term follow-through.

There is still nothing wrong with this market, but the way stocks dipped this morning suggests many market players are looking for excuses to sell. They have good gains to protect, and while they don't want to be left out of upside once again, they also want to make sure they are quick to unload should cracks appear.

Columnist Conversations

The Fed works for the government. The Federal government owes over $16 trillion. The Fed will likley never rai...
The key to analyzing the Treasury market is to look for the opposite of what makes logical/fundamental sense. ...
Shares of Altria Group are bumping up against last years peak this morning. This area, just above $38.50...
The Census Bureau is altering the way it calculates the number of people with health insurance. This will obsc...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.