Trying to Ride This as Long as Possible

 | Jan 16, 2013 | 10:22 AM EST  | Comments
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The early action looks very similar to that of Tuesday: The major indices opened weak, and they're now slowly walking back up. Breadth is poorer, but Apple's (AAPL) fairly good bounce has held so far, and that is helping with overall sentiment.

Meanwhile, we're seeing mixed action -- nothing too exciting -- in JPMorgan Chase (JPM) and Goldman Sachs (GS), which are the first two big earnings reports of the fourth quarter. Goldman is holding just under key resistance, while JPMorgan pulled back slightly into its recent base.

I'm trying to stick with some individual stock-picking, and I want to keep on trying to ride this market as long as possible. It has been a mistake to look too intently for weakness, so I'll look for some strength instead.

With that in mind, Perion Network (PERI) -- which was a recent stock of the week -- had an initial buy recommendation and a $17 target this morning. That continues to look good, and I added a little this morning. Denbury Resources (DNR) jumped big on deal news Tuesday, and I'm looking for continued momentum there. I added some and would add above $17.80 or so. I also took a position in chemical stock PolyOne (POL), which has pulled back slightly and looks to have support.

I'm not doing anything very big, but I'm keeping a positive bias and am looking for opportunities.

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