The pattern of very slow but generally positive action continues and it is likely to be even slower later in the day as market players leave early for the long weekend. Breadth is running about 2700 gainers to 2100 decliners and there's strength in homebuilders and pharmaceuticals, but most sectors are in the red. Oil is weak and gold, in particular, continues to be pummeled.
In this market we are relegated to what I call 'dink' trading. You try to capture a few pennies on quick trades but can't really build positions or be too aggressive. I have trades in BioFuel Energy (BIOF), Kors (KORS), CVR Refining (CVRR) and Blackstone (BX). I'm also focusing a bit more on shorts and have positions in Whole Foods (WFM) I'm looking to add to.
It's easy to get nicked by random moves in a thin trading environment, so be sure to manage your positions very carefully. Nice gains can be wiped out very quickly with one or two forced trades.
