As I mentioned in my opening post, Apple (AAPL) has not been a leader for a while and the broader market is completely ignoring it this morning. Although Nasdaq is down, the other indices and the small-caps are doing well, while breadth is very healthy at better than 2:1 positive. Other than a little weakness in precious metals and chips, all major sectors are in the green.
It looks like the bears being over-anticipatory and they are on the wrong side of the action again. The hope was that AAPL would drag down everything else, but we seem to have the direct opposite occurring, with money flowing out AAPL and into a slew of other names.
I have a few trades going in Medivation (MDVN), DigitalGlobe (DGI), JinkoSolar (JKS) and Home Loan Servicing Solutions (HLSS) among others, but I'm eager to put more cash to work. I've found it bit difficult to be overly aggressive the rocky action lately, but the market still has not done anything wrong and we need to stick with it as long as the price action remains positive.