The market has done a good job recently of shaking off European worries and has the additional boost of a better-than-expected ADP (ADP) jobs number this morning, but the weak euro is winning out.
Breadth is poor at better than 3-to-1 negative, with only semiconductors slightly green due to strength in Intel (INTC). Oil, retail, gold and banks are struggling. The one group attracting momentum interest is fertilizers, with Monsanto (MON), Mosaic (MOS), CF Industries (CF) and Potash Corp. (POT) doing well. I'm nibbling at Potash.
The market has been coming back from early weakness recently. As long as we hold the early lows, we should be OK -- but if we test them again this afternoon, expect the selling to pick up quickly.
I have a few interesting setups on my screen, including Raptor Pharmaceutical (RPTP), SandRidge Energy (SD), ARIAD Pharmaceuticals (ARIA) and C&J Energy Services (CJES), but they need more life for me to be more aggressive.