Risk Is High

 | Jun 13, 2012 | 11:20 AM EDT  | Comments
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Dip-buyers stepped up as the weaker dollar provided a bit of tailwind. The market is close to flat and action is choppy, but underlying support is helping sentiment.

My trust level remains low as I believe there will be hesitance to carry long positions into the Greek vote, but we have three days of trading before the weekend and the short-term players aren't going to worry about that yet.  Risk is high, but you can deal with that by playing fast and tight.

Breadth is positive and precious metals and biotechs are leading while retail lags.  Big-cap names such as Apple (AAPL) and Google (GOOG) are mixed.

I continue to hold the Direxion Daily Gold Miners Bull 3X (NUGT) trade, which I discussed Friday, and I am looking at other small miners, like Golden Minerals (AUMN).

Trades in small biotechs have been working, such as Horizon Pharma (HZNP) and Neptune Technologies & Bioresources (NEPT). I like the way Amarin (AMRN) is developing, and I am looking to buy that aggressively as it breaks out of its recent triangle foundation.

The bulls have a little intraday momentum going and they are squeezing. It is good action, but I'm not betting on it to last for long.

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