Think Small

 | Mar 01, 2013 | 2:37 PM EST
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There are times when there isn't much logic to the market action. This week has definitely been one of those times. We have been jerked around in both directions but overall it looks like the bulls have won the contest. Of course, the way the market has been moving lately, the likelihood is that today's winner is going to be tomorrow's loser.

What has been particularly interesting this week is how irrelevant the political debate over the sequester has been to the market. It has pretty much ignored the whole thing despite President Obama's claim that the world would end. After the way the market acted during the fiscal cliff debate, it is a bit surprising that this is such a nonevent, but at least it does make more sense that we aren't dancing around to the politicians.

The machines did a very nice job of taking the market off the early lows but it is now drifting into the close. We have had some late drama several days this week so it is going to be interesting to see if that kicks in again. I would not be surprised to see the machines accelerate the action, but flip a coin as to direction.

I'm trying to stay focused on individual stocks rather than the indices but it is slim pickings, although breadth is solid and there are a couple of hundred new highs. StealthGas (GASS), which I mentioned earlier, is plugging along nicely. I'm itching to add other plays like it but not finding much.

Plenty of stocks are chugging along nicely and the easiest way to miss out is to think too much about the big picture, which is not making any sense anyway. So think small and keep on digging for new ideas.

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