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Run with the Bulls



To me, today's action is indicative of a market where no one wants to take a lot of risk (i.e. entering new positions) but at the same time people want to protect gains in stocks that are working for them. I had mentioned this morning that Caterpillar (CAT: NYSE), 3M (MMM: NYSE), and Proctor and Gamble (PG: NYSE) appeared to me to be where the money was going. With all three of these issues trading higher we can also add IBM (IBM: NYSE) to the leader list as well. I mean take a look at United Tech (UTX: NYSE)!! That stock is such a bull!

It seems that the brutal trading environment over the past three years has made the Vanilla managers hardened, and it appears they are leaving nothing to chance as we can see their big holdings being goosed into year's end. Technology feels extremely weak and I don't quite know what to make of the fact that they are being sold so aggressively.

A stock like SanDisk (SNDK: NASD), which was a market leader over the past nine months, is down over 20% in a matter of weeks. I have not heard anyone talk about that. How can we explain that? More importantly, what does it say about people's views on tech stocks right now? I think the price action speaks for itself.

The S&P is trying to poke its head above 1070 and a successful push could lead the indexes higher into the afternoon. Bottom line, it feels like this market is dead. We have the triple witch on Friday and beyond that I would expect people to close down shop and take some much-needed R&R. Stay nimble.

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position in Caterpillar, 3M

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