The nibblers couldn't take it anymore. They had a chance to buy and buy big at the very opening because of the S&P futures, but they were too cute. They figured it had to come in more.
They figured wrong.
But I am not going to bemoan what they did or didn't do.
Here's my suggestion: Every day, they leave some stocks out that can be bought or aren't up enough
For example, check Adam Feuerstein's comments on Pharmacyclics (PCYC). Given the pricing of its new drug, this stock should be up appreciably more. Johnson & Johnson (JNJ) is the company's partner, and that stock shouldn't be down at all.
Check Regeneron (REGN) down 10. It has an anti-cholesterol drug that's going to be on patent that will be wildly prescribed, given the new guidelines.
Or perhaps best of all look at is US Airways (LCC). It got one good day off the merger and that's all? That's insane, as next year should be even better than this year.
Each day there are some bargains because of pockets of selling. If the stories check out, you need to buy.
We all know that once the nibblers turn buyers, they aren't going to back away with prices that are turning up. What's harder to fathom is that they take their limits off at the end of the day. Which is what you are seeing on your screen into the close.