We're Fading Fast

 | Oct 26, 2011 | 10:38 AM EDT
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We have some aggressive gap-and-fade action this morning. Breadth is fading fast and the Nasdaq-100 is already in the red. The problem is that there is no clarity out of Europe and the poor report from Amazon (AMZN) is hurting the big-cap momentum names.

Precious metals are leading for a second straight day, but we have notable weakness in retail. Oil is still chugging along, but it is starting to be a concern for consumers as gas prices move higher again.

One sector I'm watching closely is natural gas. Cheniere Energy (LNG) entered into a major deal and it may be a sign that we might start to see some exploitation of the amazing low natural gas prices in the U.S. A couple of gas-related plays on my radar are Flotek Industries (FTK), which announced increase revenue guidance today, and Clean Diesel Technologies (CDTI), which announced a contract with New Jersey.

As I noted in my opening post, I'm optimistic about the market if we can consolidate at this point, but we have to get Europe out of the way to give us greater clarity.

I'm holding very little long inventory right now, but I'm a buyer as things set up. We are fading fast, which should provide good entry points. It is matter of stalking some names and slowly building positions.

Columnist Conversations

today is a good day to lighten the load and take some positions off the table. SOLD WB OCT 85 CALL AT 11 (i...
I reached out last week to my close friend Ken Shreve, who is a prominent writer for the IBD.  I asked Ke...
I reached out last week to my close friend Ken Shreve, who is a prominent writer for the IBD.  I asked Ke...



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