Holding up Well

 | Jul 30, 2012 | 11:05 AM EDT  | Comments
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Stock quotes in this article:

aapl

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ko

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pg

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wmt

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sprt

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ssh

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swhc

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mlnx

After the big jump last week it wouldn't be surprising to see some profit taking on Monday morning but we are holding up very well so far.

Apple (AAPL) is doing a big share of the lifting with a strong move due to a mention by a website that the iPhone 5 will be out in September. The gap on the AAPL chart is being filled and sentiment has improved there nicely.

As for the broader market, we have fairly flat breadth on the Nasdaq while the NYSE is running 1,700 gainers to 1,100 decliners. Market players are favoring more conservative big-caps like Coca-Cola (KO), Wal-Mart (WMT) and Procter & Gamble (PG). Retail and oil are exhibiting some relative strength while solar energy, gold and regional banks lag.

My stock of the week, Sarepta Therapeutics (SRPT), is off to a very strong start. There is likely to be a secondary there at some point, but the story is strong enough to attract buyers anyway. Another stock with a pending secondary that I'm keeping an eye on is Sunshine Heart (SSH).

Smith & Wesson (SWHC) and Mellanox Technologies (MLNX), both prior stocks of the week, are breaking out to new high this morning. My inventory levels continue to be quite light, but as you can see, highly-selective plays are gaining momentum. 

Columnist Conversations

I've read recently quite a few comments about how Chinese stocks are cheap and investors should jump in. ...
Just some resistance to be aware of. Not saying it will cap the market, just that it is there for a decision....
Shares of Amazon (AMZN) are trading down below the 50% retracement level of their 2014 range in the after-hour...
Conclusion LNKD has a strong upward trend in revenue, has maintained very high gross margin % even as revenues...

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