Modest Giveback

The market is slightly red during this first hour of trading, a modest giveback considering the massive move higher yesterday. Financials are the clear leaders, and many 12631 members were positioned for this move by making an aggressive play in FAS yesterday, the tripled-levered long ETF. Individually, many stocks are taking a breather, which is entirely reasonable given the energy of yesterday’s rally. While some names, such as CSII and LNG, are shunning the idea of a pause, many are using this morning to digest some gains.

As the session progresses, I am looking for dip-buyers to step up and look to get involved. On the downside, the 1315-1320 area on the S&P 500 figures to be firm support.