Carryover Action

 | Nov 29, 2012 | 10:56 AM EST  | Comments
  • Comment
  • Print Print
  • Print

Wednesday's optimistic action has carried over to this morning, but there are signs of nervousness, and many traders are ready to hit the eject button at the first sign of negative news. We already had one jiggle on comments from a congressman that they are "far from a deal." Speaker John Boehner is scheduled to hold a press conference at 11:30 a.m. EST and the market is losing momentum in front of that event.

Overall, we have good breadth again at about 3-to-1 positive. Most sectors are green but there is a little weakness in homebuilders and retailers. Apple (AAPL), Priceline (PCLN), Google (GOOG) and a number of big-caps are leading the action, which is probably a function of traders looking for liquid names that they can exit quickly should they need to.

I've been playing some technical buys like PolyOne (POL), Parexel (PRXL) and YY Inc. (YY), but I'm being very aggressive at protecting gains when I have them. The market action is decent, but the headline risk is extremely high and I can't imagine that we are going to have a fiscal-cliff deal without tough negotiations first.

Columnist Conversations

Lang:
Lights, Camera, ACTION! This move lately in GPRO has been stellar, up nearly 12% over the past couple of sess...
For just under two weeks MCD has been bumping up against a very solid wall of resistance. The $96.95 to ...
Texas Instruments is surging today. Shares are up over 2.7% and are moving further into new 52W high gro...
Shares of Amazon (AMZN) have been trading within a set of Fibonacci retracements measured off their 2014 range...

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.