Apple (AAPL) provided a little intraday drama, but it's still a sedate market with a positive bias. What has been so challenging lately is that there is sufficient support to prevent any real downside but not enough buying to produce any real momentum.
Technically, the S&P 500 keeps bumping up against its 50-day simple moving average and is still a bit overbought, but the bears are not having any luck at all lately. There is good dip-buying support and the short side is even tougher than the long side.
I'm tired of complaining about my inability to put much money to work, but nothing much has changed. I have a couple mortgage plays, Walter Investment Management (WAC) and PHH Corp. (PHH), which I mentioned recently, but my confidence isn't great enough to put much money into them.
I keep wondering if I'm just being closed-minded about this market, which is making it tough for me to deploy capital, or whether it really is just an edgeless environment. The more I look through my charts, the more I am confident that it is better to stay highly selective and underinvested.
