Energy Is Lacking

 | Jan 22, 2013 | 10:40 AM EST  | Comments
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It's a tough slog this morning as market players cut positions into strength. There's plenty of uncertainty about how earnings season will play out, and since we've already had a nice run, it doesn't hurt to reduce exposure.

Breadth is slightly negative at 2400 gainers to 2700 decliners, but a lack of good upside momentum is the biggest problem. We just aren't seeing gains on strong speculative action. Gold is the leading group, there's minor strength in solar energy and financials, and chips and biotech are struggling.

The dilemma is that the charts are OK but moving too slowly to justify much buying. I like JA Solar (JASO), RF Industries (RFIL), DigitalGLobe (DGI) and Facebook (FB), but my positions are small and stops are tight. There isn't enough energy to be aggressive.

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