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.