Now Is A Great Time To Spot Strength

The market staged another bounce,
but volume was lacking once again.

Qualcomm (QCOM) was the bright
spot of the session as earnings came in very strong.  Technically, the
stock has a longer-term cup and handle with a pivot point at 73.60.

Internets (HHH) and Semis (SMH)
both participated in leading the move today.  Unfortunately, without
volume coming in stronger this rally doesn’t stand much of a chance.

Cash is a great place to be. 
Preservation of capital is important right now while the market works through
what I believe to be an intermediate-term correction.  Inevitably, this
market will find leadership and volume and get back on track.

Now is a great time to spot
strength such as Qualcomm (QCOM) and Research in Motion (RIMM) which found
support at its 50-day moving average.

When the market is ready to
power higher, it is important to be in tune with what is going on.

Enjoy your weekend!