Tops Take Time

 | Jan 31, 2013 | 11:08 AM EST  | Comments
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A number of good earnings report from Citrix Systems (CTXS), Whirlpool (WHR), JDS Uniphase (JDSU) and Fortinet (FTNT) are helping the market, despite a duds like Facebook (FB) and Research In Motion (RIMM). Breadth has been inching up and there continues to be some dip buying. Interestingly, the small-cap indices are leading after being the laggard yesterday.

As I discussed in my opening post, there have been warning signs recently, but that doesn't mean the market is going to suddenly collapse. Tops -- and I'm not sure this is one -- take time to develop. There is still a good supply of buyers to provide support, and many who have enjoyed the recent run aren't ready to give up on it yet.

I have a few things going, like Unisys (UIS), a Shark technical buy, but I'm feeling a bit out of step today and not embracing some of the long plays like I probably should. It is very easy to turn cautious too quickly when flaws in the action emerge, but I'm not too worried about missing out.

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