It is tough slogging as the news flow delivers a steady supply of landmines -- a very weak Richmond Fed report is a good example of this. All of Monday's intraday bounce is gone and the market is trying to hold the lows. Baidu (BIDU) is the only big-cap stock doing much on earnings, while even Apple (AAPL) is losing its early pre-earnings optimism.
Clearly, great uncertainty in Europe and lackluster earnings are pushing market players to the sidelines. There aren't any buying catalysts, and the precarious support is keeping the technicians cautious as well.
I've been staying focused on very short-term trades, but even that is a struggle as follow-through is extremely limited and the flippers are taking gains very fast since they slip away in a blink.
I continue to like Vringo (VRNG), which I've mentioned a number of times lately, but I don't see much else working other than BIDU. Cash continues to look pretty good.