Busy Buying

I’m very busy on this seemingly benign market day buying quality chart setups and working my existing longs.  There are a few notable pockets of strength in the market today.  The office supply (such an exciting business, think The Office) industry is hot with merger and deal talks.  I think the news is enough to shake up the shorts in ACCO so I started a position in the name.

I’ve ratcheted up my Japan exposure today by initiating a new position in PC.  My buys of MTU yesterday and PC today have increased my Japan exposure to around 8%.  I like the chart setups and the overarching macro theme.

I have several other charts lighting up my stalker screens, but I’m not getting overzealous here.  Instead I’m just buying underlying strength.

Finally, I like how ZNGA continues to behave.  You always have it in your mind that a 10% down day is “normal” in this name, yet it’s been consolidating its recent progress well.  I may add to this position this week.  Like Fly said, if AAPL makes the turn here, it trumps the action in other NASDAQ components.  It could buoy plays like ZNGA.

http://youtu.be/wpNk860pTO4