Traders Stick With What's Working

 | Sep 21, 2011 | 10:21 AM EDT
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We have very random action this morning, which isn't too surprising, as most everything is on hold until the Fed announcement this afternoon.

One thing that isn't random is the continued interest in the big-cap momentum names such as Apple (AAPL), Amazon (AMZN), Google (GOOG), Chipotle Mexican Grill (CMG), etc. Market players are sticking with that theme, and who can blame them when it is about the only thing that is really working?

Breadth is slightly positive, and we have a little upside in retailers and chips. Gold, banks, steel, coal and commodities are lagging.

Although gold is trading down, I like the way that miners are holding up. The group will definitely move on the Fed announcement, so it's tough to be too aggressive, but I'm inclined to add and have nibbled at some Endeavour Silver (EXK), a silver miner. Jaguar Mining (JAG), my stock of the week, continues to look promising but needs to clear a big seller at the $6.60 level.

I'm adding to Pharmacyclics (PCYC), a thin drug play I've mentioned a couple times, as it working to move through resistance at $12 but it needs better volume to jump-start the momentum.

Right now, I'm mostly working on a list of stocks that I will be interesting in trading after the Fed news is out. Individual stock-picking will work much better once the big macro news is out the way.

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