Waiting for the Earnings Onslaught

 | Jan 19, 2012 | 2:48 PM EST
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The indices continue to hold up well as we await the onslaught of major earnings reports tonight. There is a bit of a divergence developing, as I'm seeing a fair amount of profit-taking in select small-caps while financials and old tech exhibit relative strength.

I suspect there are some bears itching to be more aggressive with shorts, but they are holding off until the earnings news hits tonight. With a market that is technically extended and with expectations fairly high, the likelihood of selling increases.

I've been a heavy net seller today, and I took a number of stocks off my screen. It has been a good run and with things starting to tire, I'm happy to retreat into more cash and wait for things to develop

One buy I made this afternoon is Human Genome Sciences (HGSI), which received a recommendation and a $14 price target this morning from Maxim Group. I like how it is turning up off recent lows and will start accumulating a little.

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we will add this here to cheaply protect our downside a bit BOUGHT SPY SEP 244 PUT AT 2.70 ...



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