Pinned Down

 | Jan 15, 2013 | 10:50 AM EST  | Comments
  • Comment
  • Print Print
  • Print

The market bounced off the early lows but the action is very sluggish, with limited buying interest so far. The biggest problem recently is a lack of upside momentum, although the market has been holding steady. There is dip-buying support but not much chasing, which is keeping the market pinned down.

Breadth has been strong but it is dipping to around 2 to 1 negative on the Nasdaq. Apple (AAPL) continues to be a major drag and I don't see any real speculative action. A few China names have acted well recently, but that has dried up and the best action is now in precious metals and oil.

I cut back quite a few positions this morning. A few breached support, like MagnaChip Semiconductor (MX), and others aren't seeing much interest. I'd rather make the sale and rebuy higher if I have to. I look at it as a form of insurance, and, if I have to pay a bit more, that is my premium cost.

I'm still happy to buy but there is very limited action. Alon USA Energy (ALJ), which I mentioned the other day, is acting well and I sold Santarus (SNTS) into the FDA news today. Vanguard Health Systems (VHS) is a thin hospital play that I've had on technical watch and it is starting to break out.

Columnist Conversations

Apple was off $6.95 (1.31%) in regular trading but is up over $37 (~7%) in the after markets, after announcing...
You're likely aware of next week's Fed meeting, but we want to remind you that the equity markets have a very ...
Market finally pulling back a bit after six straight days of gains. Small caps are behaving worse than their ...
IBM is an action alerts name and I think that it represents great value versus where it will be next ...



Columnist Tweets


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.