Chasing Big-Caps

 | Sep 20, 2011 | 10:30 AM EDT
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The early dip was bought and now market players are aggressively chasing big-cap names, especially Apple (AAPL).

Breadth is positive with only retailers and steel in the red. Gold has found some life and I'm focusing primarily on that group this morning. The yellow metal has been in a slight downtrend for a couple of weeks and I've been waiting for a countertrend move to kick in. With the Fed on deck, today seems a good day for that.

I've added to a few gold mining positions including Jaguar Mining (JAG), my stock of the week, and MineFinders (MFN) and Aurizon Mines (AZK), which I've mentioned before.

A couple medical stocks on my radar are Jazz Pharmaceuticals (JAZZ), which just announced a merger with a private company, and Hansen Medical (HNSN), which is a stealth play on surgical robotics.

I don't have a high level of trust in this market, but I believe anticipation of the Fed announcement tomorrow is likely to keep some bids in place and keep the selling from gaining momentum. We may see a sell-the-news reaction, but let's worry about that tomorrow.



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