A Lifeless Session

 | Feb 11, 2013 | 2:02 PM EST  | Comments
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Stock quotes in this article:

lnkd

,

invn

,

lvlt

It is one of those days where the trading is not very interesting. The indices are flat and it is too weak to buy but too strong to short. We are just churning in a tight range.

In the old days, some of the best trading would occur when the market was flat. Market players gravitated toward a small group of hot stocks and you could do well if you caught them early and managed the trade well. These days, the pockets of momentum seem much narrower and the moves come so quickly it is difficult to catch the ideal buy points.

LinkedIn (LNKD) is a good example of how a strong stock sticks out in a dull market. That is by far the most interesting big-cap momentum name and traders have been pushing it steadily. Make sure you keep LNKD on your radar because it should continue to be a prime vehicle for the hot money.

Unfortunately, there aren't many other big movers today. Two stocks that I like technically right now are InvenSense (INVN), which has a nice looking flag pattern and is testing overhead resistance at $15. Volume is good and I'm watching for a breakout. Another pattern I like is Level 3 (LVLT), which has been basing for over a month and is hitting new recent highs on good volume.

If the market had more life, I'd be adding bigger size, but my focus is to keep some money in play while waiting for the market to make up its mind about what it is going to do next.

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