The indices haven't moved much, but it has been a very volatile day as far as reversals. There have been six intraday reversals so far, hitting the highs and then reversing again.
The overall tone is positive with good breadth and some pockets of momentum. Big-cap names like Google (GOOG), Chipotle (CMG) and Amazon (AMZN) are acting well and there is aggressive speculative action in small-cap biotechnology again.
This sort of indecisiveness is often viewed as a sign that a turning point is near, but I'm in no hurry to embrace the dark side when there is still plenty of positive price action. As I have written many times, I don't care what the pundits predict as long as there is good trading action. Too many people complain about how stupid and irrational the market behavior is, but that doesn't make you any money.
I added a position in Ctrip.com (CTRP), which is China's version of Priceline (PCLN), and I'm taking profits in other stocks I've mentioned lately, like AOL (AOL). My biggest concern is that I am having a hard time finding new buys, but staying disciplined is what ultimately protects you when the market finally shifts.