We have very lackluster action in the early going. The talk about central bank action is getting old and there just isn't any other positive news to drive things.
It is a bit sad that the biggest possible catalyst is that the economy is so weak that we need worldwide action by central bankers. The mood is just a bit downbeat this morning and market players aren't show any energy so far.
Despite the dour action we have Apple (AAPL), Amazon.com (AMZN), IBM (IBM) and a few other tech names performing well. Gold and silver are following through and traders are looking for some action in those names. Breadth is sliding and other than precious metals the only thing that is up are pharmaceuticals, which may not be a good thing since they are typically a safe-haven play.
I'm playing some defense this morning and taking a few stops here and there. AIG (AIG), which was last week's stock of the week, is trying to break out. It made it through $35 and pulled back, but is ready for another try. Performant Financial (PFMT), another recent favorite, received some initial coverage this morning, including a Buy and a target of $16 from Goldman.
While the action is poor, I'm not overly negative at this juncture. I'm staying opportunistic and am not ready to declare the end of the recent rally yet.
