Caught Looking

 | Oct 21, 2011 | 11:04 AM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

mrge

,

mitk

,

wwww

Once again, many market players appear to be poorly positioned for further upside at the outset of trading. The computerized and high-frequency traders have done a great job exploiting that condition lately, and they are working hard at it today.

Fading the gap-up open is the standard contrarian strategy this morning and now that we aren't rolling over, the bears are covering and the bulls are scrambling to find long inventory.

I'm definitely not fighting the strength, but I sure don't have enough long exposure. Breadth is very strong at about 4300 gainers to just 700 decliners, and we all major sectors are up. Oil and gold are leading, as weakness in the dollar is the driving force.

I've added a few names this morning such as Merge Healthcare (MRGE), Web.com Group (WWWW) and Mitek Systems (MITK), which I've discussed recently, but this market still lacks momentum and leadership. It's just a lot of folks who are afraid of being left behind as the market acts in a manner that feels irrational.

Columnist Conversations

Right now ICE is still considered to be within a larger downtrend unless the zones discussed in the article (t...
big X up 8%+ after hours. 30 last. nice short squeeze.
Market woke up a bit today to the fact that the tensions emanating out of Ukraine are not going anywhere as th...
In my article this morning, I speculated this could be the bottom for Twitter. I thought investors would shif...

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.