Choppy, Treacherous Action

 | Jul 09, 2012 | 10:38 AM EDT
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There is quite a bit of early selling pressure but no specific news. There are some general European worries again as Spanish bond yields run higher, but nothing specific to account for the negative action. 

Breadth is running a bit more than 2 to 1 negative, and the iShares Barclays 20-Year-Plus Treasury ETF (TLT) is up again as market players seek safety. Gold and silver are a little better after being beat down on Friday, but steel, coal and semiconductors are acting poorly.   

Apple (AAPL) is holding up relatively well and Facebook (FB), which is my stock of the week, is attracting some hot money. Facebook has news that it is entering the employment field and is likely to compete with LinkedIn (LNKD) and that seems to be driving the stock today.

Smith & Wesson Holding (SWHC), last week's stock of the week, continues to act well, and a few other things that I've mentioned lately, such as Nanosphere (NSPH), are doing OK but the action is very selective and very choppy because of the thin action. Small biotechnology names continue to attract the most trading action. A couple good examples in that group are Santarus (SNTS) and Orexigen Therapeutics (OREX).

We are back to the lows of the day and testing Friday's lows as I write. Be careful out there. This is not good action.

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