Staying on Track

 | Feb 09, 2012 | 1:51 PM EST  | Comments
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The bounce from the lows has not been quite as energetic, but the spectator action in Apple (AAPL) seems to be distracting the bears and keeping the market on track. As I wrote yesterday, it's the close that counts, and until we actually see a weak finish, don't bet against this market.

AAPL is covering up some weakness, but breadth has been improving most of the day and the NYSE is now back to even. You can almost sense the desire in this market to squeeze those poor bears who keep begging for some sort of pullback. It makes too much common sense to rest when we haven't had a single down day of any significance this year.

What I find most challenging is that you have to keep looking for long plays, which are becoming increasingly scarce, and when you do find one, it needs to be managed tightly.

One new buy that I'm making today is Cyanotech (CYAN), which reported earnings of $0.20 per share earlier today on a big jump in revenues. The stock is up 33% on big volume and challenging resistance at the $9 level.

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