Keep Digging for Opportunities

 | Jan 18, 2012 | 10:55 AM EST
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We are seeing some very impressive dip-buying this morning. There was some minor softness to start the day, which was enough to attract aggressive bargain hunters who are worried about the market running away from them again.

We have seen this sort of action quite often in other uptrends in the past couple of years. The underinvested bulls have so few chances to load up on weakness that they jump in when the market is barely down and we end up seeing significant V-ish action. The more lopsided the movement, the greater the frustration over being left behind and the more inclined the bulls are to jump in on any weakness.

What has been most challenging about these quick bounces is that they slow down fairly fast once the market is in the green. So far, the action is moving along pretty well this morning, which may be due in part to some short-squeeze action after finally sucking in some bears yesterday.

I continue to dink around with small trades in Flotek (FTK), Coffee Holding Co. (JVA), Magnum Hunter Resources (MHR), Cambrex (CBM), OPKO Health (OPK), Clean Energy Fuels (CLNE), Jazz Pharmaceuticals (JAZZ), Quest Rare Minerals (QRM) and Halozyme Therapeutics (HALO). I am going to keep digging and will look to put money to work as I can, but it is going to stay challenging without stronger momentum and better leadership. The dip-buying is good but it isn't producing sustained runs.

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