Entry Points Tough to Find

 | Sep 16, 2011 | 10:43 AM EDT  | Comments
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It looks the bears who have been trading to fade market strength for the fifth day now might finally manage a slight turn. The better-than-expected Michigan sentiment number and the lack of early pressure brought in the 'if they can't take them down we might as well buy them" crowd. But momentum is slowing and I'm seeing some turns kick in now.

We still have good breadth and leadership in retail, oil and chips. The problem is that after this run, which has caught so many folks by surprise, the entry points are not easy. Once again, you have to chase some extended patterns if you want to put money to work. It is not easy, but I don't know how many times that has been the smart move over the last couple years.

I have a few trades going. Rediff.com (REDF), an Indian Internet play, spiked Thursday on some comments from Google (GOOG) and I'm playing that for some follow through.  Precious metals have been consolidating, but are looking a bit better this morning and I'm adding back some of silver miner Alexco Resource (AXU).  Pharmacyclics (PCYC) is a small biotech I mentioned a few days ago. That chart has been developing and I'm adding some shares this morning.

I'm not doing anything very big and I'm going to try some index shorts if we take out the opening lows, but the bulls have been impressive lately and it is tough to fight them.

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