The dip-buyers didn't have any dip to buy at the open, which created lackluster action. If we had opened in the red, we'd probably be solidly green by now.
It is very slow and mixed action so far, with a slight negative bias. Breadth is running slightly to the downside with 2300 gainers to 2700 decliners. Oil, solar, retail and steel are the laggards, while gold and silver finally bounce a bit better. Chips are also helping the bullish cause.
In a market that has no strong emotion one way or the other, I keep digging to find what the hot money traders are gravitating towards. Quite often, it is easier to find the hot action in a slow market because it is more concentrated. LinkedIn (LNKD), for example, received a recommendation from Goldman Sachs, and that is number one on the mo-mo screen right now.
The big-cap names Priceline (PCLN), Netflix (NFLX), Baidu (BIDU) and Google (GOOG) are seeing better action, and Apple (AAPL) is back in positive territory. As long as AAPL has such aggressive support, it is unlikely that the market will see any significant downside.
I'm playing biotechs like Santarus (SNTS) and VIVUS (VVUS). I also have my eye on gaming stocks Glu Mobile (GLUU), as a sympathy play, and Zynga (ZNGA), which is showing life today. GLUU received a $7 target from Canaccord on March 8 and has been building a very solid base. I like the way it is starting to turn up.
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