No Place to Hide

 | Feb 07, 2013 | 10:45 AM EST  | Comments
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My biggest complaint about the market lately has been the lack of strong emotions. It drifts up and down randomly while the bears whine about impending doom and the bulls shrug.

This morning started very slowly, but selling is gaining traction. The market is challenging the lows of the last two days, which is likely to trigger sell stops if they are breached.

The only sector in the green is gold, and Apple (AAPL) is losing steam after the Einhorn pump on CNBC this morning. Amazon (AMZN) looks particularly ugly and Netflix (NFLX,) which has been a leader, is rolling over as well. My biggest complaint is lack of leadership -- on a day like this, it's even starker because there's no place to hide.

For better trading, this market needs stronger emotions, so I'm not complaining about the poor action. A good shakeup will eventually produce better and more interesting trading. An ugly close today would definitely be a sign that a topping pattern is kicking in. Increased defensiveness is warranted, but the bulls can still save this market with a good recovery. We'll see if they still have the juice.

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