We are seeing a little corrective action this morning but the dip-buyers have been slowly inching in and working things back up. Breadth is poor, with about 1,700 gainers to 3,300 decliners, and we're seeing weakness in most major sectors. Gold, oil and financials are the major laggards.
One group that is showing a little life is natural gas. There is talk that President Obama will be talking up natural gas usage in the State of the Union address tonight, and that is bringing in some buyers. I continue to play Westport Innovations (WPRT) and Clean Energy Fuels (CLNE) in the group.
While I have a few long trades going, I'm hopeful that the dip-buyers hesitate and we actually have a better correction. We need consolidation and resets, and a little greater bearishness wouldn't be a bad thing.
Stay selective and take the individual trades if you see them, but this action is looking increasingly sloppy. Once Apple's (AAPL) earnings are out of the way tonight, some of the underlying support may erode.