Slow Going

 | Sep 17, 2012 | 10:44 AM EDT  | Comments
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It is very slow going this morning. The market is a bit hungover from the Fed and Rosh Hashanah is thinning the ranks a bit. Breadth is weak at 2-to-1 negative, but a few the old big-cap favorites such as Chipotle (CMG), Intuitive Surgical (ISRG), Priceline (PCLN), Apple (AAPL) and F5 Networks (FFIV) are acting well.

Since the market went up so much so fast, there is likely to be some dip-buying support, so if it doesn't weaken I'm not looking for it to go too far or last too long. There are too many underinvested bulls looking for entries for the market to fall apart now.

My Stock of the Week, Home Loan Servicing Solutions (HLSS), is off to a good start. HLSS is in the mortgage-servicing industry and has been buying loans from OCN. This is my play on the Fed's buying of mortgage-backed securities, and since the stock pays a dividend of around 7.6%, it should have good support.

I'm tempted to try Direxion Daily Small Cap Bear 3X Shares (TZA) today as the market tests the lows of the day, but I have no plans to do much on the dark side until this market exhibits real weakness. Right now, all I see is healthy drifting on light volume.

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