Looking Skittish out There

 | Apr 20, 2012 | 10:55 AM EDT  | Comments
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Microsoft (MSFT) and a bounce in Apple (AAPL) are helping the indices this morning. Breadth is solid at close to 3-to-1 positive, but it is fairly choppy action as market players are a bit skittish after the recent weakness.

Typically days that start like this end up confounding overanxious bears who are looking for an intraday reversal. Once we have a little momentum going, the machines and the momentum chasers do a pretty good job of keeping it going. I'm not looking to do any major shorting into strength at this point.

The biggest negative at the moment is concerns about the election in France, but that may be well enough anticipated at this point to not be a further catalyst.

I have a few things like Acacia Research (ACTG), Procera Networks (PKT), Amarin (AMRN) and Demandware (DWRE) on my radar screen, but I'm not finding much I want to be aggressive with at this point. Technical setups are lacking and what does exist suggests that time periods should be short.

We'll see what develops but right now it looks like it won't be easy to put much cash to work.

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