The Market's Recovery Won't Come Easy

 | Aug 16, 2011 | 10:36 AM EDT
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The market beast did an exceptionally nice job yesterday with the strong close which sucked in bulls who feared they were going to miss out on a fast and easy recovery. Given how often we have continued to work higher on declining volume, it is understandable that some folks would want to add long exposure, but the big market picture is not attractive at all, and it takes a real leap in faith to believe that all the recent turmoil is going to be overcome so easily.


Breadth is the inverse of yesterday and is quite weak at around 670 gainers to 4,500 losers. Gold is strong again but retail is the most surprising. Wal-Mart (WMT) is really helping to boost that group today.


I'm very lightly invested and back to focusing on my shopping list of favorites such as Group (WWWW), Merge Healthcare (MRGE) and Amarin (AMRN). I had some good trades in those and would like to give them another try, but I'm not in a big hurry. I'll do a little nibbling as they find some support, but I'm planning on taking some time off the rest of the week and don't want to carry much inventory right now.

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volatility is quite low here, and we could see some downsides here in the short term. ...



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