OINK Rev Shark just out... Expecting More Nervousness
By Rev Shark
RealMoney.com Contributor
11/2/2010 10:20 AM EDT
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Today's open is very similar to yesterday's, but you have to be concerned that market players will again become nervous as we await tomorrow's news. There is so much talk about a possible "sell-the-news" reaction that many market players are probably going to move to the sidelines, just as a precaution.
But so far, the very weak dollar is giving us a boost. Breadth is very strong at around four gainers for each loser, and every major sector is green, with energy and commodities leading and financials lagging a little.
The biggest change is that the big-cap momentum favorites like Apple (AAPL - commentary - Trade Now), Priceline.com (PCLN - commentary - Trade Now), Amazon and Google (GOOG - commentary - Trade Now) are acting well. There is also talk of Dell (DELL - commentary - Trade Now) making an acquisition in the cloud sector, and that is helping names such as Rackspace Holdings (RAX - commentary - Trade Now).
I'm sticking with some very short-term trades. Tianli Agritech (OINK - commentary - Trade Now), a China pork play, is breaking out on very good early volume, but I'm moving slowly and not rushing to make new buys right now.
At the time of publication, Rev Shark was long OINK and RAX, but positions can change at any time.
