The Bulls Keep Pushing

 | Feb 12, 2013 | 10:48 AM EST  | Comments
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The indices aren't up much but breadth is solid, there's a good supply of new highs and the tone of the action remains positive. The bulls keep pushing and there doesn't seem to be any reason to dump positions.

Solar stocks are leading again on hopes of a plug in the State of the Union speech tonight. Homebuilders are also seeing a bounce after recent weak action. Gold and silver remain laggards. Apple (AAPL) was seeing a little sell-the-news pressure as it presents at the Goldman Sachs technology conference, but it is perking up as discussion about what to do with all that cash is the focus.

The S&P 500 is hitting a new intraday high as I write and, once again, the bears are being squeezed. As I keep saying, if you want to short, wait for weak action rather than fighting this steady buying. The bulls have the edge and they aren't going away quickly.

I'm sticking with long trades but it isn't easy to keep cash at work. InvenSense (INVN), which I mentioned yesterday, is breaking out very nicely on good volume. Albany Molecular Research (AMRI), gapped up on a good earnings report and strong guidance and I'm averaging into that. SolarCity (SCTY) has been my solar energy play but I'm ready to sell that sector into tonight's speech.

I am going to keep digging, but it is a lot of work finding new setups right now. We need more emotion out there.

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