Pinned Down

 | Jan 15, 2013 | 10:50 AM EST
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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.

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