Uncertainty Reigns

 | Jun 14, 2012 | 10:55 AM EDT
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Chatter that the pro-austerity party has a big lead in Greece gave the U.S. market a little pop, as the worse-than-expected jobs news was already baked in. The rumor mill is going to be busy into the weekend with predictions about how Greece will play out, but there is going to be a tremendous amount of uncertainty no matter what, and any strong moves are likely to be faded.

I have little trust, so I continue to stick with small, quick day-trades. I'm carrying a few token longs, which are just marker positions to keep my attention. I see no reason to start adding, although the hopeful bulls can hardly contain their desire to call a bottom.

One group I've had some success with lately is small biotechnology stocks. Neptune Technologies & Bioresources (NEPT), for example, is an attractive technical setup and I like the triangle formation in the Amarin (AMRN) chart. The difficulty is the hot money traders that usually drive the good setups aren't interested. There isn't much aggressive trading to be found, so most moves stay small and you have to be wary about chasing.

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