New Buys Hard to Come By

 | Feb 20, 2013 | 10:57 AM EST
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The indices aren't doing much again but there's a bit more selling pressure today. Breadth is running 2100 gainers to 2800 losers, and the best sectors are biotech and solar. Gold continues to be pounded but there isn't much leadership overall. The best big-caps are LinkedIn (LNKD), Amazon (AMZN) and Netflix (NFLX), but there isn't much good momentum.

I'm doing very little other than managing positions and making sure nothing slips too much. Finding new buys has become extremely tough, so I'm making sure I don't give back any big gains. I wouldn't mind seeing a bout of selling shake things up, but the dip buyers don't seem to be going away. They already made one good try and we'll see what happens if the intraday lows are retested. The dip buyers are not going to stop until they have been burned a few times and, so far, they haven't even been burned once.

It is often said the market tops are a process and the reason for that is that bulls don't suddenly change their minds when the market is uptrending. They have to feel a little pain before they reconsider, and this market hasn't done a thing to make the buyers worry.

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