Winding Down?

 | Sep 28, 2012 | 1:47 PM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

aapl

,

qlys

It was a shaky morning, but the results of the Spanish bank stress tests were a sufficient excuse for a little dip-buying. I also suspect that we still have window-dressing action taking place. It has been a terrible quarter for active money managers and they simply can't afford to let any gains slip away in the waning hours of September.

I'm a bit surprised that we had such extensive weakness in the early going but that is a sign that sentiment is slipping. Buyers just aren't feeling as comfortable with aggressive dip-buying right now and there continues to be deterioration in my individual chart patterns, including the mighty Apple (AAPL).

I've lifted my cash holdings to very high levels and I am just trying to knock out a few quick trades as opportunities arise. Qualys (QLYS), which debuted today, offered an opportunity, but I'm more inclined to flip rather than build positions here.

Monday will be an interesting battle between general tendencies. We have had consistently weak Mondays for months, but the first day of a new month tends to have a positive bias.

I see no reason to amend my thesis that the market is undergoing a topping process and I remain suspicious of strength. Right now, the bulls are pushing hard for the final markup, but after that, it is going to be much tougher to find positive catalysts.

Columnist Conversations

Euro is trading beneath 1.35 for the first time this year. Several catalysts were involved in the breakdown, i...
SNI from 7/21 "That brings us to today: The stock is back to a long-term overbought signal. In light of this, ...
Kass:
Coming up on my Diary why I have moved from a neutral to more bullish position on Citigroup. With a lot of he...
Heavy trading in Microsoft August calls. The stock opened higher after the company's EPS number missed estimat...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.