Don't Underestimate the Dip-Buyers

 | Jan 16, 2013 | 2:25 PM EST
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The action today has been a replay of yesterday, but with the addition of much better action in Apple (AAPL). The weak open had the bears feeling hopeful, but we should all know by now that you can't underestimate the dip-buyers. They may not run the market up more, but they do provide very strong support.

Breadth isn't quite as good as yesterday, but with AAPL doing some heavy lifting, it doesn't' matter. Today the Nasdaq-100 is outperforming and the small-caps are underperforming.

Goldman Sachs (GS) is doing a nice job of gaining momentum during on a solid earnings report. It is a good sign that we aren't seeing a sell-the-news reaction, especially since the stock has enjoyed a big run over the past month. That is the sort of setup that can produce selling pressure on good news but it isn't happening.

Today is one of those days where I feel like I should be having better results than I am. Some of my small-cap holdings aren't cooperating and I haven't been aggressive enough with those that are.

We have seen this sort of market action so often in the last few years that you would think folks would stop fighting it, but the fact that they do fight is what helps to create it. Stick with the trend until there is a reason not to.

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