A Roll of the Dice

 | Sep 05, 2012 | 11:00 AM EDT
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Rumors about tomorrow's European Central Bank meeting are swirling, and that is jerking the market around. The big issue is what Germany is willing to do as far as bond buying, and there are conflicting stories about Chancellor Angela Merkel's views.

The market is at the mercy of news flow for the next couple of days and there isn't any logical way to play it. We can be hit with new rumors or headlines at any time, and there is no way to trade other than to roll the dice.

On the other hand, many individual stocks continue to trade well. I'm particularly interested in LinkedIn (LNKD), which is coming out of a good base on a buy recommendation and price target of $142 from Jefferies. It is a classic breakout over $113 and the momentum players are piling in.

Sarepta Therapeutics (SRPT), a former Stock of the Week, continues to act well. PulteGroup (PHM) in the homebuilding sector is hitting new highs, and gun maker Smith & Wesson (SWHC) is running into its earnings report tomorrow. Even Facebook (FB) is acting better after an upgrade and some reassurance that insiders are looking to hold on to shares.

This is bear-killing action and a good example of why I try not to anticipate reversals. It is particularly difficult to call a top here since the bankers seem determined to offer something up.

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