One Stubborn Market

 | Feb 14, 2013 | 10:43 AM EST
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The dip-buyers care little about the economic slowdown in Europe and have wasted no time buying the early weakness. The Warren Buffett deal to buy Heinz (HNZ) didn't hurt the mood, either, but the issue now is whether the market can generate better upside momentum. It's done a nice job of holding up lately, but it sure hasn't been able to run very much once it gets into the green.

Early breadth is negative, with about 2100 gainers to 2750 losers on the NYSE. Solar energy remains the strongest group, with names like SunPower (SPWR), JinkoSolar (JKS) and SolarCity (SCTY) still running higher. I'm not sure what the catalyst is there, but it's a good example of why you don't try to fight momentum.

Oil and coal are doing well, also, while biotech and banks are taking a breather. Big-cap technology names are mixed with no notable leadership at the moment.

I have to admit, I'm struggling to make progress lately. I have a few good trades that are being offset by some reversals, so I'm keeping things small. One play I took this morning was a bounce in Affymax (AFFY) after analysts and commentators said they believe that the market is wrong in its treatment of the news. The stock is coming back nicely, and I'll look to add as the move develops.

The indices are at an intraday high as I write -- and, once again, any bears who tried to press are being squeezed. This market may not be running much, but it sure is stubborn about going down.



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