TheStreet.com RealMoney

Good Setups Are Scarce

By Rev Shark

 About this article:
 We have very mixed action to start the day as profit-taking is offset by anxious dip-buyers. The fact that we've been up six days in a row with hardly a pause tends to create a bigger supply of folks who are anxious to buy on dips. The more we go straight up, the more willing they are to buy on very minor weakness. So far, breadth is around flat. The dollar showed a little early strength, but that has faded, pushing up gold and oil after a weak start. Semiconductors and biotechnology are acting well while coal, steel and agriculture are lagging. I have a few long trades going but am still struggling to find appealing chart setups. We have wedged up for six days on steadily declining volume, which just doesn't lead to good technical setups. It certainly doesn't mean we won't keep on running...

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