A Tough Slog

 | Dec 04, 2012 | 11:12 AM EST  | Comments
  • Comment
  • Print Print
  • Print

 

Although the market continues to act fairly well, it is tough slogging for traders. There just isn't much strong movement in either direction. The bears are doing a little better today as Apple (AAPL) struggles. There are concerns that it won't do a special dividend before the end of the year like so many other companies have been doing.

Breadth has slipped into negative territory after a good start, but if you are looking for pockets of momentum, you won't find much. There is no leadership to speak of and when something like Toll Brothers (TOL) or Qihoo 360 (QIHU) moves, they don't gain much momentum. A few defensive names, such as Wal-Mart (WMT), and some pharmaceuticals are perking up, which may not be a good sign.

I haven't had much action going lately and I'm a bit wary about pushing too hard and trying to force something. Sometimes the setups and action just aren't there, and there isn't much to do about it but stay patient and keep looking.

The bears are saying it's time to press the dark side, and you can certainly see setups in that direction. Just play it tight and be ready for news headlines to jerk things around.

Columnist Conversations

There were nice reversal-type candles on the weekly charts of the major indices. The DOW and the S&P forme...
A number of stocks on my watch lists are attempting to form positive candles a key support levels. I noted th...
Lang:
While last week was a day to pull the plug and contemplate where the market was headed, I waited for some conf...
Shares of TSLA have formed multiple hammer candles at a key level of support defined by: the September head an...

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.