For the past week or so we've had Apple (AAPL) and Google (GOOG) leading bigger-caps while the small-caps lagged. Today we have just the opposite, with the IWM leading while the senior indices and AAPL and GOOG struggling a bit.
We still have pretty good breadth with about 3,250 gainers to 2,050 decliners, but it is painfully slow as the NYSE hasn't even traded 250 million shares yet.
I've been a bit too quick to lock in some gains today, but my confidence level is low when the action is this slow. The risk of quick reversals is high and I prefer to book some gains when I have them and run the risk of being left behind if this very slow upward push continues.
There has been a lot of chatter today about how the market is too optimistic about the prospects for QE3, but so far it isn't having any impact. Market players just don't want to give up on that idea until they are forced to and they won't be forced to worry about it until the market weakens.
I continue to like InvenSense (INVN), which is now dealing with resistance at the $14 level. I'll likely add to my position later in the day.
