Apple (AAPL) reversed to red momentarily, breadth is mixed and the Philly Fed report was just in line, but the dip buyers are providing support and the S&P 500 is back to day highs. Once again, the top-calling bears are being squeezed and helping to add to the upside momentum.
There are a lot of folks questioning how healthy the obsession with AAPL is, but trying to time this market based on obsessions is more about hope than logic. Obsessions always last longer than most people think, which is why they are called obsessions.
While breadth is slowly becoming more positive, all major sectors are up. Retail is the laggard, while steel and chips are leading. The strength in technology names other than AAPL bodes well for the bulls here.
As I wrote in my opening post, I'm doing my best to ignore the top callers and am digging hard for more buys. Epam Systems (EPAM) and Velti (VELT) which I've mentioned recently are doing well and I have my eye on a small China play, Orient Paper (ONP), which put up a good earnings report this morning. XPO Logistics (XPO), which priced a secondary this morning, is of interest and I'll be looking to add there.
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