Choppy, Sloppy and Random

 | Feb 28, 2013 | 10:35 AM EST  | Comments
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There's some indecision in the early going as economic reports are mixed. Breadth is slightly positive with some strength in biotechnology and chips, while precious metals and financials lag.

The challenge is that this week's choppy action has not helped set things up very well and, of course, the machines could kick in at any time and drive the action strongly one way or the other. Right now, the market is holding and traders are waiting to see which way the intraday trend will break.

Xinyuan Real Estate (XIN), which I mentioned yesterday, is following through a little, up a little more than 4%. Goldfield (GV), my stock of the week, which has not performed well so far, is finding some support around $3.50, up 2%. I've been slowly building that position and looking for a move prior to its earnings report later in the month.

Netflix (NFLX) is the big-cap momentum leader this morning and I am looking to add to that position. I'm itching to do more but, so far, it is choppy, sloppy and random.

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