In Desperate Need of a Breather

 | Feb 13, 2013 | 10:28 AM EST
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The bears were hoping that we'd see a "sell-the-news" reaction to President Obama's State of the Union address, but politics don't seem to matter at all to this market right now. The bulls continue to push higher on very good breadth this morning. We're again seeing more than 300 stocks at new highs, and there is good sector strength in biotech, solar energy, oil, retail and homebuilders. Precious metals are the primary laggard once again.

Big-cap tech names, including Amazon (AMZN), Google (GOOG) and Netflix (NFLX), are doing well -- a sign that investors are still trying hard to put capital to work. Probably the best thing the market has going for it right now is that the lack of pullbacks has created some performance anxiety. Even if you are bullish and haven't been trying to short, it is tough to keep up.

While I'm trying to stick with the trend, I'm finding it very hard to put new money to work. I continue to take some profits into strength, but I've not been able to redeploy that cash to any great degree. That is leaving me underinvested -- although I do maintain a bullish bias, and I'll keep on digging. Again, though, it is becoming very hard to keep buying a market that needs to rest.

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