January effect is in play. People are buying beaten down stocks with the hope of a turnaround. Two days of 2012 are gone, and technical patterns indicate indecision. I'd avoid any new position unless a decent opportunity pops up at my desk.
Looking forward to buying in the money puts on PFF, EWJ, MGM on any 2% upside. These are overbought.
Furthermore, watch for SHLD for a potential short term bounce. Wait for an entry though.
Netflix is looking interesting, but trade with strict stop loss.
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