The Bulls Hang On

 | Jun 06, 2012 | 11:05 AM EDT  | Comments
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The bulls are doing a nice job of holding on to the opening gains, but I'm not seeing a lot of chasing so far. The longer they hold, the more likely underinvested bulls capitulate and start inching in, but they aren't doing too much so far. Breadth is very strong at better than 5-to-1 positive, and all major sectors in the green.

If you are a trend follower, as I am, you are still sitting on plenty of cash and feeling a bit frustrated while you look for entries. The folks who have been averaging down for weeks are celebrating, but most are still sitting on substantial losses but they will conveniently overlook that at this point.

I've made a few minor buys this morning, including Apple (AAPL), Mellanox Technologies (MLNX), Demand Media (DMD) and SciClone Pharmaceuticals (SCLN), but I sold some ProShares Ultra S&P 500 (SSO) prematurely. Quite often, my biggest mistake in this sort of action is underestimating how long it will last. I'm going to keep hunting for entries, but I don't expect I'll end up with very much.

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