Bears Can't Make a Dent

 | Jan 23, 2013 | 4:29 PM EST
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Small-caps closed weak for the first time in 2013 but good earnings reports kept the senior indices chugging along. It was somewhat deceptive action as breadth was 2450 gainers to 2950 losers.

Despite pockets of softness, the bears still couldn't manage to make a dent in this market. They still hope that we'll see a negative reaction to earnings, but Netflix (NFLX) is continuing the trend of beating low expectations and is up more than $25 after hours on its earnings report. Obviously, Apple (AAPL) is going to deliver the big fireworks.

I want to point out again that the market still has not done anything wrong. Softness like we saw today is actually healthy consolidation rather than an indication that a top is forming. We still aren't seeing negative price action, although bulls and bears are looking hard for signs that its time to hit the exits.

Even though I'm still bullish, it becomes tedious when we don't have better volatility. It is nice to have a little downside action now and then just to shake things up and give us new opportunities. But in this market, the tendency is toward very lopsided, one-way action. If you aren't in, you don't have any easy entry points.

Will the mighty AAPL help keep the uptrend going? We'll find out shortly.

Have a good evening. I'll see you tomorrow.

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