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2-8-10 This, too, shall pass - Morning Market Update

|Includes: AAPL, CTI BioPharma Corp. (CTIC)

10:15am  (originally posted on Kudrna's Stock Market Blog

This, too, shall pass
-William Shakespeare

The bulls should have continued Friday’s move into Monday morning but instead are struggling to get any footing to build off of.  Many will say this is a great time to buy and if you plan on holding your positions, ignoring the market for a while, and hoping by year end you made some good gains…than yes, it may be a good time for you to buy based on the strategy you would like to utilize.  However I don’t think we’ve seen a bottom yet.  Any bad news could send this market down significantly.

We have some leaders out there in tech today which is a positive sign but volume is thin overall.  Apple (NASDAQ:AAPL) is up slightly.  We will struggle to get any strong upside momentum the longer the bulls wait on the sidelines.  It is hard to commit capital to a market that can’t be trusted though.  Fundamentals don’t really matter in this market…you have to accept that right now.  Emotions are running the market swings for now and potentially for a while.

Maybe the bulls slept in today and we’ll see them rejuvenated by this afternoon.  Until I see some more action, I don’t feel comfortable adding to my longs at these levels.  This action so far isn’t something to be happy about if you want to be long the market so I’ll wait to see how it plays out some more before making my decision.  Good luck out there.

Mike

Random News:  I sold out of Cell Therapeutics (NASDAQ:CTIC) this morning only to buy back at a lower price.  The panic sell should have been more anticipated by me because emotions are high in this stock but tough questions for Wednesdays review should be considered normal...would you want the FDA to approve any drug without asking tough questions first?   Still long but won’t hesitate to protect my new gains and sell at any time in this emotional stock.



Disclosure: Long CTIC but positions can change at any time