Still in a Holding Pattern

 | Oct 26, 2011 | 1:27 PM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

tspt

The good news is that the indices have stabilized after the quick fade this morning. The bad news is that we still have little clarity out of Europe and we're still at the mercy of the next headline to hit.

The primary sentiment among traders is that we really can't do much until Europe is out of the way and we can focus on individual stocks once again. We have a few things moving on their own fundamentals, but once again the great bulk of stocks are moving according to the big-picture news flow.

I remain optimistic about the market and have a bullish bias, but I'm having a very hard time finding stocks to build up my inventory. There is little leadership, few clear themes and too many small-caps that are drifting around aimlessly. I have identified a number of names I want to pursue, but until they deliver better technical action I'll keep my positions very small.

One chart I'm watching right now is Transcept Pharmaceuticals (TSPT). The stock has made a big move since mid-August and has consolidated for several weeks now. It is starting to turn back up and is holding the 200-day simple moving average.

I see some promise out there, but we are in a holding pattern until we can ignore Europe again.

Columnist Conversations

Inability of Bank of America (BAC) to claw its way above 16.30-.40 resistance will increase the likelihood tha...
The Fed works for the government. The Federal government owes over $16 trillion. The Fed will likley never rai...
The key to analyzing the Treasury market is to look for the opposite of what makes logical/fundamental sense. ...
Shares of Altria Group are bumping up against last years peak this morning. This area, just above $38.50...

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.