After the celebration over the great market action Friday, the action is weak and uncertain this morning. Breadth is running worse than 2-to-1 negative and other than minor strength in solar energy and select tech names due to the Oracle (ORCL) acquisition, it is tough slogging. Apple (AAPL) is back in the red and Google (GOOG) and Amazon (AMZN) are down as well, which is a sign that the momentum money is taking a rest.
My biggest problem with this market lately has been the difficulty of putting money to work even if you maintain a bullish bias and want to ride the trend. There haven't been that many pockets of momentum. We've seen strength in things like refineries, homebuilders and solar energy, but the themes have not been too impressive overall.
This morning I had Shark technical buys for Atmel (ATML) and Canadian Solar (CSIQ), which are working but just aren't the sort of picks you can really load up on for a long, sustained move. I have to admit, I'm rooting for more aggressive selling simply so that things will reset and give us better setups.
I'm doing very little and I have a good-sized cash position.