Go Greenback!

 | Mar 16, 2012 | 11:19 AM EDT
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There's mild profit taking occurring as the week ends. The launch of Apple's (AAPL) new iPad is giving folks an excuse to sell AAPL, but it isn't having much of an impact.

The weak dollar is the biggest positive the market has going for it. That helps commodities and oil, and there is some action in banks as well. Breadth is running about 2300 gainers to 2850 decliners, which is the sort of support that keeps this market running.

In this environment, I try to focus on individual stock-picking more than the big picture. There are charts that are working and the fact that so many folks are so focused on the upcoming collapse makes them work even better. I'm not looking for a long-term relationship with my trades. In fact, a little Afternoon Delight on a spring Friday sounds like the best way to deal with this market.

Bulk shippers are hot and I'm trading Aegean Marine Petroleum Network (ANW) in that group. I continue to like Mitek (MITK), which has the smartphone banking apps, and that is perking up. Cobalt International (CIE) in the oil sector is turning up nicel


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we will add this here to cheaply protect our downside a bit BOUGHT SPY SEP 244 PUT AT 2.70 ...



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