Buyers Are Skeptical

 | Nov 10, 2011 | 10:17 AM EST  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:








After the big pullback yesterday buyers are understandable skeptical this morning. We are still up a fair amount and breadth is quite positive, but there has been steady selling so far.

The news out of Europe, which is the excuse for this rally, just isn't very compelling. In addition, if you were caught too long yesterday it is very tempting to use this early strength to cut back. Poor action in Apple (AAPL) isn't helping matters either.

The key now is for the dip buyers to show some resolve, but after yesterday they are probably a bit nervous and are going to wait to see how well we hold up before they start putting some cash to work.

Several stocks I've discussed recently had good earnings last night. Flotek Industries (FTK), C&J Energy Services (CJES) and Clean Diesel Technologies (CDTI) are all in the energy sector and will remain on my radar, but I'm inclined to sell just about anything into strength in this market when I have the chance.

I'm being patient and am not doing any buying at this point.

Columnist Conversations

Mixed market in first hour of trading. For second day in a row the Russell is down nicely even as the S&P...
The Fed like the economy according to the minutes released yesterday. Not enough to green light pushing rates...
Market looks to open slightly higher as market tries to make it four in a row up days this week. Great intervi...
Reuters reports: "Shake Shack, the fast-food restaurant chain that has developed a cult following for its 'Sha...



Columnist Tweets


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.